Drake and Scull International signs off loan financing deal with syndicate of regional and international banks
- United Arab Emirates: Wednesday, November 14 - 2012 at 12:48
- PRESS RELEASE
Drake and Scull International PJSC (DSI), a regional market specialist in integrated design, engineering and construction disciplines of civil contracting, mechanical, electrical and plumbing (MEP), water and power, oil and gas and rail, has signed a $120m equivalent loan financing split across an AED and USD tranche.
On this occasion Osama Hamdan, CFO of Drake & Scull International PJSC, commented, "The loan will help the company in pursuing its growth plans in North Africa, Asia and other growth markets and will provide the liquidity to capitalize on various PPP (Private Public Partnership) projects which usually require participation from contractors in terms of investment, especially in the infrastructure sector. This transaction will allow us to strategically grow the operations, coverage and team of DSI by supporting key new areas of business such as our Oil & Gas, Rail and Asian operations. We will also focus on existing areas that continue to grow in importance globally such as Infrastructure and Water and Power."
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