DUBAI: Dubai's Drake and Scull said yesterday it had won a contract worth SR 1.73 billion ($ 461.3 million) to build a twin-tower residential and commercial development in the western Saudi Arabian city of Jeddah.
The Lamar Towers consists of two towers, one 322 meters high and the other 293 metres, to be built in Jeddah's Corniche area. The project, which had originally been unveiled in 2007 but was put on hold in 2009 and recently restructured with new investors coming in, will be completed in the fourth quarter of 2015, the statement added.
Drake and Scull has recently been the subject of rumors surrounding a stake sale to Dubai's largest construction firm, Arabtec Holding. Its shares have rallied 24.7 percent since April 24.
While Drake Chief Executive Khaldoun Tabari dismissed talk of him selling part of his stake in the company, he said on May 14 it would be partnering more with Arabtec on a number of projects.
Drake and Scull wins SR 1.73 bn tower deal
Drake and Scull wins SR 1.73 bn tower deal
Second firm ends DP World investments over CEO’s Epstein ties
- British International Investment ‘shocked’ by allegations surrounding Sultan Ahmed bin Sulayem
- Decision follows in footsteps of Canadian pension fund La Caisse
LONDON: A second financial firm has axed future investments in Dubai logistics giant DP World after emails surfaced revealing close ties between its CEO and Jeffrey Epstein, Bloomberg reported.
British International Investment, a $13.6 billion UK government-owned development finance institution, followed in the footsteps of La Caisse, a major Canadian pension fund.
“We are shocked by the allegations emerging in the Epstein files regarding (DP World CEO) Sultan Ahmed bin Sulayem,” a BII spokesman said in a statement.
“In light of the allegations, we will not be making any new investments with DP World until the required actions have been taken by the company.”
The move follows the release by the US Department of Justice of a trove of emails highlighting personal ties between the CEO and Epstein.
The pair discussed the details of useful contacts in business and finance, proposed deals and made explicit reference to sexual encounters, the email exchanges show.
In 2021, BII — formerly CDC Group — said it would invest with DP World in an African platform, with initial ports in Senegal, Egypt and Somaliland. It committed $320 million to the project, with $400 million to be invested over several years.
