Cash raised will be used to buy several companies in civil and electro mechanical sectors

Drake & Scull is to be the first firm to do an IPO in the UAE this year and will use the funds raised to buy companies in Saudi Arabia and Qatar. It expects to raise around AED1bn, which it will use to buy “several” Saudi Arabian companies in both the civil and electro mechanical sectors.

Saleh Muradweij from Drake & Scull International, who is leading the firm’s Saudi operation, said that while the firm already works in the Kingdom it wanted fast-track its establishment in the market. He said: “We want to eliminate the process of starting from scratch, especially because it takes a long time to become established in Saudi Arabia.”

He added: “We are looking at acquisitions in Saudi Arabia for around two years and we would like to buy firms that are well established.”

Drake and Scull will list on the Dubai Financial Market on 16 March.