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Drake & Scull International (DSI) has announced its partnership with Zamil Group Holding Company in Saudi Arabia.
Their venture, Drake & Scull International Saudi, is a well-established company providing mechanical, electrical and plumbing services across the Kingdom. "This partnership will contribute significantly to expanding both DSI's business portfolio and geographical reach," Khaldoun Tabari, DSI's chief executive officer, said.
"We strongly believe that with Al-Zamil's strong presence and leading position in the Kingdom, we will create a stronger and diverse company while generating additional opportunities for sustainable business growth and increased shareholder value," Tabari said, stressing this was the right deal at the right time.
Tabari hoped that his company's ongoing projects in the Kingdom, worth SR1.3 billion, would double in the next six months because of this partnership. He estimated net assets at SR130mn and said the partnership could generate more employment opportunities for nationals.
In the Kingdom, he said other companies owned by DSI offer integrated end-to-end engineering solutions in other sectors such as water and power and civil construction.At present, he said his company is engaged in projects at the Princess Nourah Girls' University in Riyadh, King Abdullah University For Science and Technology (KAUST) in Jeddah and a hospital in Tabarjal.
He said the company is a Dubai-based joint stock company with a capital of SR2.3 billion and has its services spread in 11 countries including Qatar, Bahrain, Kuwait, Egypt, Thailand, Libya, Jordan and the Kingdom.
"We see Saudi Arabia as a lucrative market featuring a number of opportunities. The partnership will allow both companies to add the experience, talent and values of a well-established organization, with a proven track record of successful operations, a quality focus on customer service and a strong market position to both groups," added Tabari.
"Surely this new partnership will benefit from the company's solid regional and international reputation, customer relationships, manufacturing expertise and service capabilities. The partnership demonstrates our commitment to serving our home market and places our companies in a position to meet growing mechanical, electrical and plumbing services for today and well into the future," said Abdulrahman Al-Zamil, chairman of Zamil Group's board.
Drake and Scull International (DSI) is a regional market leader delivering world-class quality projects in Middle East and North Africa through integrated design, engineering and various construction disciplines.
In 2009, DSI expanded its operations by acquiring two companies in line with the company's growth strategy. They include Passavant-Roediger, a German global developer of wastewater, water and sludge treatment technologies with a presence in 13 countries across Europe, MENA and Asia with over 5,000 installations, and Kuwait-based Drake & Scull International for Electrical Contracting, a prominent player in mechanical, electrical and plumbing contracting in Kuwait.
Zamil Group Holding Company is a Saudi family owned global investment company with diverse industrial, petrochemical, commercial and consumer interests worldwide. It offers high quality, innovative, competitive products and services as well as investment opportunities to stakeholders through more than 60 businesses worldwide through a vast network of manufacturing facilities, affiliations and alliances with leading organizations, and a 12,000-strong work force in more than 60 countries.