DSI expands into Mena in lead-up to DFM listing

DSI, a leading UAE-based end-to-end service provider of mechanical, electrical and plumbing (MEP) contracting, infrastructure, water and power (IWP) and civil contracting services, was established in the UAE over 40 years ago and has grown to become one of the most experienced MEP operators in the region.

In July 2008, DSI made its Initial Public Offering (IPO), 101 times over-subscribed, with a view to launching on the DFM this Quarter. The company is currently working on over 35 projects, worth in excess of Dhs5bn, across the Emirates and KSA.

Tawfiq Abu Soud, Executive Director of IWP says that with the announcement of each new project, DSI's strong cash position and liquidity, market share and brand equity are reinforced.

"We have a range of confirmed projects lying in the pipeline waiting to be announced, and this is just one of them," he says. "As a company, we have adopted a solid growth strategy to diversify into new customer segments, in a wider geographical area, through selective acquisitions and joint ventures in the lead up to our listing with the DFM. Khartoum is just one such project."

The project, under contract from the Wahat Al Khartoum Urban Development Company and known as the Wahat Al Khartoum Towers, is located in downtown Khartoum and projected to be completed in December 2009.

DSI is to design and build a Central Utility Plant comprising Chilled Water Generation Plant, which will be able to cool 4,500 tons of water, and a 10MW Power Generation Plant and Electrical Substation to serve the whole development including transformers, switchgear and synchronization system.

Work for this project falls under DSI's Infrastructure, Water and Power (IWP) business streamlines, which has recently appointed a new Operations Director, George Grant, to steer the business through its new expansions. In this capacity, Grant will oversee the management and performance of a highly specialized team of engineers and architects, who design and build all DSI's Engineering Procurement and Construction (EPC) projects, such as district cooling, water purification and sewage treatment projects, power and infrastructure work.

"This project strengthens our IWP works and insures, yet again, our forthcoming listing will launch from a position of financial strength," Abu Soud says.

"DSI is already well capitalised and in procession of a strong growth strategy; our continuous exposure to new business over recent months reaffirms our commitment to future expansion plans and growth throughout the region. As such, DSI is set to further continue its course by seizing growth opportunities geographically across the Mena region," he adds