Drake & Scull in advanced negotiations for Dh1b contracts

New project award reflects the strategic and long-term investment of Tabarak Investment at Drake & Scull International

15/01/2018 18:44 AST

Drake & Scull International (DSI) said on Monday its contracting subsidiary Gulf Technical Construction Company (GTCC) is negotiating Dh1 billion worth of contracts with Wahat Al Zaweya in Al Ain.

The unit has also been awarded as part of the negotiations a Dh250 million contract to develop the Nasayem project in Wahat Al Zaweya, the company said a statement posted on Dubai Financial Market's website. It added that the negotiations are expected to be concluded in the first half of 2018.

Its unit has already started construction works for the 336-unit villa complex Nasayem project, which comprises 290 three-bedroom villas and 46 four-bedroom villas. Long-term investments

The new project award reflects the strategic and long-term investment of Tabarak Investment at DSI - moving ahead with its plans to support the company to achieve full operational recovery by completing existing projects, targeting new ones and looking for new opportunities to diversify and expand income, the company said.

Tabarak Investment has confirmed a significant improvement in the efficiency of operations under the leadership of DSI's new management, which will support the latter's financial performance during this year, it added.

Tabarak Investments has 5.54 per cent stake in DSI, according to exchange data. DSI shares were down 1.8 per cent to Dh2.18 on close on Monday.


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