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Drake & Scull wins $10m appeal in Dubai court

Shares in construction company Drake & Scull resumed trading in Dubai at the end of May after a six-year suspension Shutterstock/Iam Anuphone
Shares in construction company Drake & Scull resumed trading in Dubai at the end of May after a six-year suspension

Drake & Scull International (DSI) has won an appeal to receive compensation worth AED36.7 million ($9.99 million) from a major company in Dubai.  

The compensation includes bank guarantees, the Dubai Financial Market-listed construction company said on Thursday.

In addition, it will receive fees, interest and expenses in the case as per the judgement by Dubai appeal court.

DSI has commenced the necessary steps to execute the award against the unnamed company.

DSI’s shares resumed trading on May 29, 2024, following a six-year suspension after losses exceeded 75 percent of its capital.

Following a heated legal battle that almost resulted in the contractor being liquidated, creditors and shareholders approved a restructuring plan last April and a court formally cleared it in November.

The plan included the write-off of 90 percent of debts while the remaining 10 percent would be funnelled into a sukuk, or sharia-compliant bond.

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