Drake & Scull International (DSI) said it has acquired a Riyadh-based civil construction firm for SR128 million  ($34.13 million), as the Dubai-based contractor pushes to expand operations in Saudi Arabia.

International Centre for Contracting Co (ICC), which also has offices in Jeddah and Dammam, has a backlog of Dh800 million, Drake said in a statement on Wednesday.

This is the second acquisition by Drake in Saudi after it bought 65 per cent of Drake & Scull International Saudi for Dh243 million in November last year.

'With the last acquisition DSI's current project portfolio stands at Dh8.3 billion ($2.26 billion),' Khaldoun Tabari, chief of DSI said in the statement.

Drake, which specialises in mechanical, engineering and plumbing businesses (MEP), has been rapidly expanding its operations outside Dubai, where house prices have plunged some 60 per cent since their peaks in 2008 as a result of the financial crisis.

Drake said that its project wins in Oman, Egypt and Saudi Arabia combined valued to Dh2.62 billion in the first quarter of the year.

About 49 per cent of the company's current backlog is in Saudi Arabia.

Drake shares closed 0.9 per cent lower on the Dubai bourse.-Reuters