Drake & Scull mulls dual listing in Saudi
Riyadh, June 17, 2013
Dubai contractor Drake and Scull may consider an additional listing of its shares on Saudi Arabia's Taduwal bourse though the firm does not have any imminent plans for it, its chief executive said on Monday.
Tadawul is the largest market in the Gulf region, with much greater liquidity and trading volumes than other exchanges. Its market regulator amended listing rules in January last year to allow cross-listings, and the stock exchange said it would focus on attracting firms from elsewhere in the Gulf.
"It's a logical thing to do. I recognise there is a potential in the Saudi market," Drake chief executive Khaldoun Tabari told reporters in Dubai. He did not provide a timeline for any potential listing.
Drake, which specialises in mechanical, engineering and plumbing (MEP), has a unit in Saudi Arabia and about half of the company's project backlog is in the kingdom.
Also on Monday Drake and Scull launched its 'Investor’s outreach program' in collaboration with the Dubai Financial Market (DFM).
The program is dedicated to promote DSI‘s successful equity story and to highlight the company’s latest achievements, prospects and growth plans. The company’s focus week was inaugurated at the DFM trading floor.
More Construction & Real Estate Stories
- Asian skyscraper prices tower over rest of the world
- Tamleek opens new office in Dubai
- $29m allocated for Bahrain drainage projects
- Indian group plans $300m Bahrain Bay investment
- Drake and Scull awards key supply contract
- FCC wins $702m Doha metro line contract
- SPF Realty sees Dubai project success
- Abu Dhabi set for big property show
- Aldar working on $1.5bn UAE housing projects
- Gulf Finance House to start $3bn Tunisia project
- Abu Dhabi to see 10pc surge in new homes
- Saudi construction sector booming on new contracts
- Emaar offers 330 apartments in MBR City
- Dubai Design District sees big demand
- HUGE DEAL: Arabtec inks $40bn Egypt housing project
- Galfar ex-CEO gets 15 years' jail over bribes
- $32m BFH car park work underway
- Bahrain awards $5.8m project tenders
- Spinneys to set up distribution centre at Kizad
- Dubai unveils $300m hitech 'green' city project
- Deyaar plans $245m Dubai complex
- IFA unveils $272m Dubai mixed-use project
- CBRE tops Fortune’s most admired firms list
- Kuwait's real estate sales hit $1.1bn in Jan
- Dubai RTA awards $27m roads contract
- Work to start on Bahrain beach project
- Damac launches luxury apartments at Expo site
- Kuwaitis top GCC property buyers in Oman
- Rubber World to showcase at Big 5 Saudi
- Tool to help create effective property listings