Press releases, Reports & Disclosures for Drake & Scull International P.J.S.C

The text refers to the consolidated financial statements of Drake and Scull International (P.J.S.C.) and its subsidiaries for the year ending December 31, 2024.

On March 26, 2025, the Board of Directors of Drake & Scull International PJSC held its second meeting of the year. The board approved the previous meeting's minutes, the audited financial results for 2024, and the company's Board of Directors report for 2024. Additionally, they agreed to call the Annual General Assembly meeting, coordinating with the Securities and Commodities Authority to set its agenda.

The second Board of Directors meeting of Drake & Scull International PJSC for the year 2025, scheduled for March 25th at 3:00 PM, was not held due to a lack of quorum. Consequently, the meeting has been postponed to March 26th, 2025, at 3:00 PM at the company's offices.

Passavant Energy & Environment Ltd., a subsidiary of Drake and Scull International PJSC, has been awarded a contract worth approximately AED 169 million by Maharashtra Industrial Township Limited (MITL) to design, build, and maintain a 70 million liters per day water treatment plant and a 900 mm diameter water pipeline in AURIC Bidkin Industrial Area, Maharashtra, India. The contract includes a 10-year operation and maintenance period and was awarded through a competitive tender process. The project is expected to be completed within 36 months from the issuance of the official Letter of Award. CEO Muin El Saleh expressed pride in securing the project, highlighting the company's expertise in water treatment solutions and infrastructure development.

Drake & Scull International PJSC issued a clarification regarding their recent disclosure about winning two major contracts in the "Arabian Hills" project, valued at over AED 1 billion. The project will be financed through the company's cash resources and available bank facilities. They anticipate a profit margin between 8% and 10%, with revenues recognized based on the completion percentage during the project's execution. The project is expected to be completed by the end of 2027. The company will continue to update shareholders on the project's progress in line with disclosure regulations.

Drake and Scull International PJSC (DSI) has secured two major contracts for the Arabian Hills Project in Dubai, valued at over AED 1 billion. The contracts involve infrastructure and power works for two areas, Sun Valley and Park Vista, including street lighting and a sewage treatment plant. This achievement underscores DSI's leadership in large-scale developments and highlights its expertise in project management and engineering solutions. The Arabian Hills Project aims to set new standards in modern living and sustainable construction across a 224 million square foot area.

On January 16, 2025, the Board of Directors of Drake & Scull International PJSC held their first meeting of the year at the company's offices. During this meeting, the board approved the minutes from their previous meeting and discussed the company's routine and operational matters. The meeting was led by Hamed Ahmed Ali, CEO of the Dubai Financial Market.

Drake & Scull International PJSC (DSI) announced a legal victory as the Dubai Court of Cassation upheld a previous judgment requiring former CEO Khaldoun Rashid Tabari and Saleh Muradweij to jointly compensate the company AED 151,979,857, plus 5% annual interest until full payment. DSI has begun enforcement actions to recover the amount and secured attachments on the defendants' assets. The ruling supports DSI's efforts to protect its interests and shareholder value, allowing the company to focus on strengthening operations and pursuing new projects. DSI is a global leader in delivering projects across sectors such as electromechanical, engineering, and construction for water, power, and oil and gas, with a history of over 135 years.