Drake and Scull submits clarification on Arabian Hills contracts to DFM
DSI had called the contract wins a 'landmark achievement' that solidifies the company's position as a trusted leader in delivering large-scale, high-impact developments. The Arabian Hills Project spans a massive 224 million square feet area of luxury residential and commercial development.
Drake and Scull clarifies billion-dirham deal
Dubai Financial Market (DFM), where DSI is listed, asked for further clarifications on the February 24 announcement regarding the project financing mechanism, timeline, and expected financial impact.
DSI submitted to DFM that the project will be financed through the company's cash resources and available bank facilities. It is expected to complete and hand over the project to the developers by the end of 2027.
DSI expects to achieve a profit margin ranging between 8 per cent and 10 per cent, with revenues recognised based on the percentage of completion during the project execution period.
The two contracts encompass infrastructure works for Area 10 (Sun Valley) and power works, street lighting, and contingencies for Services Authority Works, valued at AED452.85 million ($123.3 million) and infrastructure works in Area 05 (Park Vista) including power works, street lighting, contingencies for Services Authority Works, and the construction of a Sewage Treatment Plant for AED557.8 million ($151.9 million).
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