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22-01-2018 DSI steams ahead with operational improvements in the UAE

New 5,000-capacity Labour Camp in Dubai to boost performance & projects delivery


Dubai, UAE; January 22, 2018 – Drake & Scull International PJSC (“DSI” or the “Company”), a regional leader in engineering and construction services, continues its strong start in 2018 with its latest announcement of a new labour camp in Dubai aimed at boosting performance, productivity and projects delivery in the UAE. The development is part of DSI’s ongoing UAE-wide operational improvements and sustains the momentum of its recently completed debt restructuring which has infused new credit facilities for ongoing and new projects.

 

The camp will accommodate 5,000 workers and will cater to ongoing and future projects in Dubai while raising the overall operational capacity of the Group in the UAE. It will showcase the scope, skills and diversity of DSI’s workforce.

 

The Company’s total headcount of labourers across all markets currently stands approximately at 12,000, comprising some of the best talents in the engineering and construction sector. More initiatives geared towards further operational improvements and accelerated recovery will be unveiled in 2018. The group is currently on a recruitment drive to further reinforce its workforce across all its operating segments, which helps in maintaining an accelerated momentum for project awards throughout 2018.

 

Rabih Abou Diwan, Investor Relations Director, Drake & Scull International PJSC, said: “DSI is now well-positioned for a new phase of recovery and growth after successfully addressing major operational and financial challenges last year. Led by a new visionary leadership team and backed by Tabarak Investment, the Company is undertaking several measures to improve its operational capabilities. In the coming months, additional initiatives focusing on the adoption of best practices and optimization of cost efficiencies will be rolled out.”

 

The new labour camp reflects the strategic and long-term investment of Tabarak Investment at Drake & Scull International--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. 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.






15-01-2018 DSI in advanced stages of negotiation for AED 1 billion worth of contracts with Wahat Al Zaweya in Al Ain

  • -Company awarded a AED 250 million contract to develop Nasayem project in Al Ain

     

  • -Negotiations in process for additional new contracts at Wahat Al Zaweya valued at AED 750 million expected to be finalized in H1 2018

 

 

UAE, January 15, 2018 - Drake & Scull International PJSC (DSI), a regional market leader in engineering and construction services, has announced that its general contracting subsidiary, Gulf Technical Construction Company (GTCC), is negotiating AED 1 billion worth of contracts with Wahat Al Zaweya in Al Ain, and has also been awarded as part of the negotiations a AED 250 million contract to develop the Nasayem project in Wahat Al Zaweya.

 

Under the terms of the agreement, GTCC has already started the construction works for the 336-unit villa complex Nasayem project, which will be composed of 290 three-bedroom villas and 46 four-bedroom villas.

 

The contract award for Nasayem project in Wahat Al Zaweya has been secured and finalized, while final negotiations are now underway for additional contracts that are valued at AED 750 million. The negotiations are expected to be concluded in the first half of 2018.

 

Rabih Abou Diwan, Investor Relations Director, Drake & Scull International PJSC, said: “The new Wahat Al Zaweya contract is a great start towards what we expect to be an invigorated fiscal year marked by steady recovery and further stability. DSI is now pursuing accelerated growth and sustained industry leadership through key projects such as this that showcase our unrivalled expertise and the market confidence we continue to enjoy. We expect more of such positive developments in the coming months from GTCC and across all our divisions.”

 

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