UAE, March 23, 2017 – Drake & Scull International PJSC (“DSI” or the “Company”), a regional engineering and services leader, signed today the sale deal of its ownership share in the ONE PALM development in Dubai.
The ONE PALM development, a joint venture project between Omniyat Properties and DSI, was launched in 2014. The flagship project is located on the left trunk of Palm Jumeirah and is considered as one of the most iconic and upcoming residential developments in Dubai.
Omniyat Properties, the developer of the project has agreed to purchase DSI’s stake in the project. The joint venture partners concurred to a provisional settlement plan comprising of consecutive phases that is scheduled to be completed in 2017 which will generate liquidity of over AED 300 million for DSI. The first phase of the settlement plan is approved and the proceeds of the payment will be remitted in March 2017. Progress updates on the residual phases will be further announced by the joint venture partners upon finalization throughout the fiscal year.
This transaction marks an important milestone in the DSI turnaround and capital restructuring plan that was initiated in Q4 2016. The company is progressing steadily with its divestment program and will continue to pursue the disposal and monetization of its non-core assets and non-performing subsidiaries to generate cash for the business.
The company announced earlier in February 2017 several strategic measures to stabilize the business in preparation for a new phase of financial & operational recovery.
The DSI Annual General Meeting of the shareholders is scheduled to convene during the month of April 2017 to approve these measures. The proposed date of the meeting will be announced by the company by end of March 2017.
About Drake & Scull International PJSC
Drake & Scull International PJSC (DSI) is a regional market leader delivering world-class quality projects via end-to-end solutions that provide integrated design, engineering and construction disciplines of General Contracting, Engineering (MEP), Rail & Infrastructure, Oil & Gas, and Water & Wastewater Treatment, through People, Innovation, and Passion.
DSI‘s main business streams include engineering, construction, oil and gas, rail and infrastructure, and water and waste. The company operates across the GCC, Middle East, North Africa and India as well as manage projects in Europe.
DSI has delivered more than 700 projects around the world in the last five decades catering to aviation, residential and mixed-use real estate, power plants, district cooling plants, hospitality, healthcare, renewable energy, data centres, petrochemical, rail, commercial, government, leisure, and infrastructure sectors.
For further information, please contact:
Rabih Abou Diwan
Corporate Communications Manager
Drake & Scull International
Mobile: +971 52 800 34 12
Email: [email protected]
Orient Planet PR & Marketing Communications
Dubai, United Arab Emirates
Tel: 00971 4 4562888
Email: [email protected]
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