Drake & Scull (DSI) is hoping to set up a unit in Libya this year as part of its efforts to expand into new markets to counteract effects of the economic downturn in the UAE.
The firm, which listed on the Dubai Financial Market earlier this month, already operates in Sudan, so would make it its second African venture.
“We are in the process of establishing Drake & Scull Libya,” Tawfiq Abu Soud, an executive director said. “The prospects there are good, they need infrastructure – power, water, utilities.”
The firm issued a clarification today, stressing that Soud meant DSI was considering the unit as an option, among many others, to take advantage of Libya’s business opportunities and that it should not be interpreted that an office is being established.
Libya is undertaking a massive infrastructure redevelopment programme to modernise water and sanitation facilities and build airports, schools and houses, Reuters reported.
Drake & Scull, which specialises in mechanical, engineering and plumbing, won a US $ million (AED600 million) contract earlier this month to provide district cooling in Bahrain.
The firm’s chief executive Khaldoun Tabari has also said that the firm plans to pursue business opportunities in Saudi Arabia, Qatar and Kuwait.