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Drake & Scull wins $10m appeal in Dubai court

By Pramod Kumar
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.

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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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