JEDDAH – Dubai contractor Drake and Scull (D&S) may consider an additional listing of its shares on Saudi Arabia's Tadawul bourse though the firm does not have any imminent plans for it, its chief executive has said. Tadawul is the largest market in the Gulf Arab region, with much greater liquidity and trading volumes than other exchanges. Its market regulator amended listing rules in January last year to allow cross-listings, and the stock exchange said it would focus on attracting firms from elsewhere in the Gulf. "It's a logical thing to do. I recognize there is a potential in the Saudi market," Drake chief executive Khaldoun Tabari told reporters in Dubai. He did not provide a timeline for any potential listing. Drake, which specializes in mechanical, engineering and plumbing (MEP), has a unit in Saudi Arabia and about half of the company's project backlog is in the kingdom. Last month, Drake said it won a contract worth SR1.73 billion ($461.3 million) to build a twin-tower residential and commercial development in Jeddah. — SG/Agencies
