Drake & Scull says work ongoing at Jeddah Lamar Towers project

05/12/2016 Argaam

Dubai-listed Drake & Scull International (DSI) has denied reports that it has been fired from the Jeddah-based Lamar Towers project, the contractor said in a statement.

 

DSI’s clarification came in response to a report published in Saudi daily Okaz, which claimed that Lamar Investment and Real Estate was looking to hire another contractor that could deliver the project earlier. 

 

Drake & Scull currently owns a 20 percent direct stake in the project, and a 10 percent indirect stake through a partner. 

 

Lamar Towers was offered as an off-plan project in Saudi Arabia and was classified as a suspended development, as the completion ratio stood at 38 percent, compared to the planned ratio of 80 percent.

 

In 2013, Drake & Scull was awarded a SAR 1.73 billion contract to develop the project in Jeddah.

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