Drake and Scull JV ties up $720mn Saudi deal.

Jebal-Omar-Saudi Arabia

A joint venture between Arabian Construction Company and Drake and Scull Construction has been awarded a $720mn contract to build Phase III of the Jabal Omar development in Mecca, Saudi Arabia.

Under the terms of the joint venture agreement, DSC will have a 50% share of the overall value of the contract, the company said in a statement.

The third phase of the Jabal Omar development will involve the construction of four hotel towers, with a total built up area of 400,000m2. The towers will include five star and three star hotels.

Additional information on the project will be announced by DSC in the future.

A wholly owned subsidiary of Drake and Scull International, DSC serves as the general civil contracting unit for the Dubai based firm.

DSI recently announced total revenues of $571mn for the first nine months of 2012. Net profit was recorded at $22.5mn for the same time period, while the company’s order backlog closed at $2.04bn as of September 2012. Total project awards for the year to date had reached $735mn.

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