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14 April 2024

Dubai's D&S eyes Saudi, Qatar buyouts

By Reuters

Dubai-based contractor Drake & Scull said yesterday it was in talks to acquire contracting companies in Saudi Arabia and Qatar as it seeks to expand outside of its home market to weather a real estate downturn.

Drake & Scull also plans to list its shares in Dubai before end-March, said Saleh Muradweij, an executive director at the firm. Drake, which raised about $332 million (Dh1,219m) in an initial public offering in Dubai in July, was looking at three to five potential acquisitions, he said. "Saudi Arabia is definitely a place where growth is going to be sustained for the next two to three years," Muradweij said on the sidelines of a construction conference.