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

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.

Drake & Scull International PJSC announced to its shareholders that the Dubai Court of Cassation has rejected all appeals against a prior appellate judgment in the company's favor. The judgment requires Khaldoun Rashid Tabari, the former CEO of Drake & Scull, and Saleh Muradweij to jointly pay AED 151,979,857 as compensation for damages to the company. Additionally, they are required to pay legal interest at a rate of 5% from the date the judgment becomes final until full payment is made. With the rejection of the appeals, the judgment is now final and binding.

Drake and Scull International PJSC (DSI) and El Amar Group have signed a Memorandum of Understanding (MoU) to enhance their strategic collaboration in Egypt and Saudi Arabia. DSI, known for its contracting services in mechanical, electrical, and plumbing (MEP), oil and gas, and water treatment projects, will partner with El Amar Group, a leader in real estate development and infrastructure projects. The agreement focuses on joint exploration of engineering, procurement, and EPC projects, with an emphasis on civil, MEP, and infrastructure contracting, water treatment, and district cooling projects. The collaboration aims to leverage the strengths of both organizations to achieve cost efficiencies, improve operational outcomes, and deliver high-quality projects. The partnership also emphasizes sustainability and innovation, positioning both companies as leaders in their fields. CEOs of both companies expressed optimism about the partnership's potential to drive value and set new benchmarks in their industries.

Drake & Scull International PJSC has scheduled its first Board of Directors meeting for 2025 on Thursday, January 16, at 3:00 PM at the company's offices. The agenda includes reviewing and approving the minutes from the previous meeting and discussing the company's routine and operational matters.