Dubai contractor Drake & Scull wins contracts worth $102mln

Bidding for new projects worth $475mln in Kuwait and Iraq

  
File image used for illustrative purpose. Buildings under construction for the Al Habtoor Group are seen on Dubai's Sheikh Zayed Road.

File image used for illustrative purpose. Buildings under construction for the Al Habtoor Group are seen on Dubai's Sheikh Zayed Road.

REUTERS/Ashraf Mohammad

Dubai-based contractor giant Drake & Scull International (DSI) has won contracts of over 376 million dirhams ($102 million) in Tunisia, India and Palestine. It is also bidding for several projects, valued at over 1.75 billion dirhams in Iraq and Kuwait.

In a statement to the Dubai bourse Tuesday, DSI said it has signed several new contracts. They include a wastewater treatment plant in Méliane in Tunisia, worth 178 million dirhams, and another worth 34 million dirhams to build a wastewater treatment plant in India.

DSI completed a 76 million dirhams wastewater treatment plant in West Bank, Palestine. In March 2021, the company also completed the Tubas / Al Tayaseer station in the West Bank worth 88 million dirhams. The company is now bidding for a 260 million dirhams project in Kuwait and for projects valued at 1.49 billion dirhams in Iraq. 

Shafiq Abdelhamid, Chairman of DSI said 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.”

 The company, which suffered losses over several years as new project starts declined and as it failed to recoup receivables, said earlier this month that accumulated losses have hit nearly 5 billion dirhams as of December 31, 2020.

The company which has undertaken a restructuring plan to improve its finances, then said that as part of its restructuring it will write off the majority of its debt and raise new equity to gain new projects.

(Writing by Brinda Darasha; editing by Daniel Luiz)

brinda.darasha@refinitiv.com

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© ZAWYA 2021

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