Drake & Scull International (DSI), a regional market leader in engineering and construction services, has announced that its shares have been included in the (MSCI) GCC Index.

The Index is used as a common benchmark for 'world' or 'global' stock funds. It includes a collection of stocks of all the developed markets in the world.

DSI said its inclusion in the MSCI GCC Index comes just a month after the company’s successful completion of a comprehensive recapitalisation programme designed to improve the financial and operational performance of the group.

The Dubai contractor's move demonstrates the growing regional and international confidence in its turnaround plan, which is expected to help bolster investor interest in the company.

It also follows a series of strategic appointments and changes within DSI geared towards further streamlining the business. The new management views MSCI’s decision as a very positive and timely development amidst the company’s ongoing efforts to reorient itself for recovery and growth.

Rabih Abou Diwan, the investor relations director of DSI, said: "This affirms the unwavering confidence from regional and international investors and our unique market positioning."

"It proves that our ongoing reorganisational efforts are on track and leading us to new and exciting opportunities and a more sustainable future. The inclusion further emphasises our successful efforts to increase transparency, enhance corporate governance, and improve our investor outreach program," he added.-TradeArabia News Service