Construction Drake & Scull awarded contracts worth over $270m By Gavin Gibbon February 24, 2025, 11:46 AM providentestate.com/brochure How the community will look at Arabian Hills Construction company shares up Two deals in Dubai DSI recently restructured Shares in Drake & Scull International opened 2 percent up on Monday morning after the construction and engineering company announced two contract wins in Dubai worth in excess of AED1 billion ($270 million). DSI said in a stock exchange announcement that it has been awarded the deal at Arabian Hills, a 224 million square foot community which is scheduled for completion in 2027. The gated scheme on the Al Ain road in Abu Dhabi is being developed by Deca Properties. The award to DSI comes almost a year after the launch of a restructuring plan, which was approved despite a legal battle that almost forced the company into liquidation. The contracts include infrastructure works, power, street lighting and the construction of a sewage treatment plant, the company said. Shares in the engineering company resumed trading in May last year following a six-year suspension after losses exceeded 75 percent of its capital. Under the ongoing restructuring plan, 90 percent of DSI’s debts were written off while the remaining 10 percent were funnelled into a sukuk, or sharia-compliant bond. Former Drake & Scull executives lose appeal in Dubai court Drake & Scull wins $10m appeal in Dubai court Auditors raise concerns over Drake & Scull as losses mount In its most recent unaudited preliminary results for 2024, DSI reported net profits of more than AED3.7 billion. “These contracts are a large part of a large portfolio of projects that we are currently working on, in addition to numerous tenders that we are competing for in various sectors,” said Muin El Saleh, CEO of DSI, who was reappointed into the role in November last year.
