Drake and Scull set to sign three new projects
DUBAI, June 19, 2017
Dubai-based building contractor Drake & Scull International is close to signing three new projects including a wastewater treatment plant, said a Reuters report citing the company's chief executive.
The other two projects are in the mechanical, electrical and plumbing sector in the UAE, revealed Wael Allan, adding that "they were in final stages of negotiations".
DSI, like many construction firms in the region, has been hit hard by the low oil prices and an economic slowdown in the sector, the company said in its consolidated financial results published in March.
The Dubai contractor said it was also in talks with some regional banks for divesting some of its assets.
Earlier this year, the cash-strapped firm announced a turnaround and capital restructuring plan which included a number of cost-cutting measures and capital raising initiativesm said the report.
As part of this overhaul, CEO Wael Allan said the company plans to sell some of its ‘non-core’ assets in 2017, helping to fund a cash injection of Dh900 million ($245 million) in equity this year, it added.
