Published On:April 27 2021
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Dubai's Drake & Scull announces $102m contract wins amid continuing company restructure

Dubai contractor Drake & Scull International (DSI) has announced a series of contract wins in Tunisia, India and Palestine worth AED376 million ($102 million), despite the company continuing to negotiate its way through a restructuring process.

A statement recently revealed DSI is bidding for several projects, valued at over AED1.75billion ($476.5 million), in Iraq (AED1.49 billion/$405.7 million) and Kuwait (AED260 million/$70.8 million).

Eng. Shafiq Abdelhamid, chairman of DSI, said: "This will drive the growth of our company in the coming months, as we successfully navigate the impact of the pandemic and focus on creating value for our stakeholders.”

DSI has commenced work for a wastewater treatment plant in south Méliane in Tunisia, worth AED178 million ($48.5 million), while the company previously won a contract valued at AED34 million ($9.3 million) to build a wastewater treatment plant in India.

In terms of project delivery, DSI completed an AED76m ($20.7m) wastewater treatment plant in West Bank, Palestine, and in March, the company also completed the Tubas/Al Tayaseer station in the West Bank worth AED88 million ($24 million).

Eng. Abdelhamid said the focus of the company is to deliver its projects as per schedule and to achieve high levels of operational efficiency and productivity. “Through our rigorous focus on timely implementation, we have gained the confidence of investors, and are strengthening our pipeline of projects.

“There has been a renewed emphasis on enhancing our operational efficiencies, reducing operating costs, and reorganising the operations to deliver our post-restructuring five-year business plan.”

Earlier this year the company reported a net profit of AED95 million ($25.9 million) for last year, compared to a net loss of AED87 million ($23.7 million) recorded for the same period last year.

At the start of this month, DSI announced that documents were being finalised for its creditors to approve its restructuring plan.

When approved, with the support of the Financial Reorganisation Committee, the company will then look to the courts to approve the implementation of the restructuring plan, DSI said in a filing to Dubai Financial Market.



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