Dubai Based DSI Wins Contract Worth 92.6 Million Dollars For Presidential Palace At Abu Dhabi

Drake and skull international, a leading Dubai based contractor declared that it has won a contract. The contract is worth 92.6 million dollars. It is for the supply to the presidential palace located at Ras Al Akhdar at Abu Dhabi. As per the writings of the deal, the DSI will look after the management of plumbing as well as the mechanical and electrical related works that will be duly done for the construction of the palace over a period of 3 years. As per the reports, the work will start on an immediate basis. Apart from this, the DSI has got nine projects in Abu Dhabi since the beginning of the year. The total capital amounts to the twenty five percent of 1.36 billion dollar backlog. In the year Dec, 2010, the DSI said that the company won 817 million dollar in new contracts. This was a much greater amount than the previous years 544 million dollar. The CEO Tabari said – At the beginning of 2010, we had pledged to expand our business portfolio. As per the CFO of the company, it is a good news for the company that it has outstanding receivables worth 245 million dollars equivalent to 900 million AED. Drake, a specialist in the area of plumbing and mechanical engineering business has 170 million AED of outstanding receivables in Dubai alone. The CFO Osama Hamdan said that the company is not exposed as far as the scenario of debt in Dubai is concerned.