UAE-based M&E contractor also plans expansion in Saudi Arabi and Qatar
Drake & Scull International, the UAE-based M&E contractor, is opening in Libya this year.
Drake & Scull was the first firm to do an IPO in the emirates this year, on 16 March, and is using the funds raised to break into Libya. The firm is also planning to grow its business in Saudi Arabia and Qatar, where it plans to make acquisitions. It expects to raise around 1bn dirhams from the floatation.
"We are in the process of establishing Drake & Scull Libya," Tawfiq Abu Soud, an executive director at the firm, told Reuters. "The prospects there are good, they need infrastructure… power, water, utilities."
Libya is undertaking a $126.5bn five-year infrastructure building programme that will upgrade water and sanitation facilities and create airports, schools and housing. Libya has a population of 5 million and the largest oil reserves in Africa.