Drake & Scull has Qatar ambitions

Drake & Scull International, Dubai's second-biggest contractor, dropped at the close yesterday despite announcing plans to bid on projects in Qatar.

The company is bidding for projects valued as much as Dh5 billion in Qatar, Khaldoun Tabari, the chief executive, said at a conference in Doha yesterday.

"If we land Dh1 [billion] or Dh2 billion in the next two years, we will be happy," Mr Tabari said. The jobs will mainly consist of mechanical, electrical and plumbing work.

Shares of the company, which is listed in Dubai, lost 0.9 per cent to Dh1.07. The company also said it planned two acquisitions this year, valued at Dh100 million each.

Shares of Shuaa Capital remained unchanged after the investment bank disclosed a net loss of Dh186.7 million in the fourth quarter, from a net loss of Dh154.3m in the year-earlier period, according to a statement to the Dubai bourse. Shares declined as much as 3.2 per cent on Monday.

The Dubai Financial Market General Index remained unchanged at 1,606.43 points.

Etisalat was the most active stock on the Abu Dhabi Securities Exchange General Index , gaining 1.3 per cent to Dh11 a share. The index added 0.4 per cent to 2,703.95.

Elsewhere in the region, Kuwait's measure gained 0.2 per cent to 6,752.90 and Bahrain's index declined 0.3 per cent to 1,467.44. Oman's measure added 0.4 per cent to 6,923.67 and Qatar's bourse gained 0.7 per cent to 8,940.26. The Saudi Tadawul All-Share Index lost 0.2 per cent to 6,602.15.

* with Bloomberg