Latest news with #ArabianHills
Arabian Business
31-03-2025
- Business
- Arabian Business
Drake and Scull submits clarification on Arabian Hills contracts to DFM
Dubai-based mechanical, electrical, and plumbing specialists Drake and Scull International (DSI) have filed additional clarification following their recent announcement of securing two contracts worth AED1 billion in the Arabian Hills project. 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).
Zawya
25-02-2025
- Business
- Zawya
DSI secures 2 contracts surpassing $272mln
Dubai: Drake & Scull International (DSI) has secured two major contracts for the highly anticipated Arabian Hills Project, with a combined value exceeding AED 1 billion. Spanning a 224 million square feet area, the Arabian Hills Project integrates sustainable construction practices and world-class amenities, creating a new benchmark in luxury residential and commercial development. The two contracts include an infrastructure works contract for Area 10 (Sun Valley) and power works, street lighting, and contingencies for AED 452.85 million. As for Area 05 (Park Vista), the works and the construction of a Sewage Treatment Plant will be valued at AED 557.80 million. Muin El Saleh, CEO of DSI, commented: "These contracts are part of a large portfolio of projects that we are currently working on, in addition to numerous tenders that we are competing for in various sectors.' 'We are optimistic that these projects will contribute to strengthening our position in the market and expanding our business portfolio in the coming years,' El Saleh added. Salem Al Muheiri, Managing Director of Arabian Hills, said: 'This project represents an important step in redefining the standards of integrated residential and commercial spaces in the region.' In 2024, DSI recorded net profits attributable to the shareholders worth AED 3.74 billion, versus net losses valued at AED 368.11 million in 2023.
Zawya
24-02-2025
- Business
- Zawya
Mideast Stocks: Aramco weighs on Saudi bourse, profit-taking hits Dubai
Most stock markets in the Gulf ended lower on Monday as oil giant Saudi Aramco weighed on the Saudi index, while the Dubai bourse extended losses on profit-taking. Saudi Arabia's benchmark index dropped 0.6%, pulled lower by a 1.8% fall in Saudi Aramco. Aramco is forecast to have no performance-linked dividend this year after a more balanced 2024 cash cycle following earlier bumper results that backed the special payout, JPMorgan said in a research note on Friday. The oil behemoth is slated to report its 2024 results on March 4. On the other hand, ACWA Power Company was up 2.3%, on track to extend gains from the previous session. ACWA to buy $693 million stakes in Kuwait and Bahrain assets from ENGIE, covering operating capacities of 4.61 GW gas-fired power generation and 1.11 million cubic meters per day (m3/day) water desalination facilities. Dubai's main share index lost 0.5%, extending losses for a second session, with blue-chip developer Emaar Properties declining 1.8%. Elsewhere, district cooling services provider Empower gave up early gains to close 2.9% lower. Empower and Dubai Multi Commodities Centre signed an agreement to supply the next phase of Uptown Dubai with sustainable district cooling services. These movements may represent a healthy correction before the market resumes its upward trajectory, supported by recent positive results and strong growth projections for the year, said Joseph Dahrieh, Managing Principal at Tickmill. However, construction and engineering company Drake & Scull International advanced 1.8%, after winning contracts worth over 1 billion dirhams ($272.28 million) for the Arabian Hills project. In Abu Dhabi, the index eased 0.2%. The Qatari index added 0.2%, helped by a 1.2% rise in Qatar Islamic Bank. Meanwhile, Qatar's Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani said on Sunday that six venture capital firms the investment authority has invested in as part of its "fund of funds" programme will open offices or regional headquarters in Qatar. Outside the Gulf, Egypt's blue-chip index closed 0.3% lower, hit by a 2.3% fall in EFG Holding Company. SAUDI ARABIA fell 0.6% to 12,319 Abu Dhabi lost 0.2% to 9,595 Dubai down 0.5% to 5,335 QATAR gained 0.2% to 10,666 EGYPT down 0.3% to 30,925 BAHRAIN added 0.3% to 1,950 OMAN eased 0.6% to 4,428 KUWAIT was flat at 8,694 ($1 = 3.6727 UAE dirham) Reuters
Zawya
24-02-2025
- Business
- Zawya
Mideast Stocks: Most Gulf markets gain on earnings, corporate announcements
Most major stock markets in the Gulf rose in early trade on Monday, supported by earnings and corporate announcements, although the Qatari index bucked the trend to trade lower. Saudi Arabia's benchmark index edged 0.1% higher, with ACWA Power Company gaining 2.3%, on track to extend gains from the previous session. ACWA said it plans to buy stakes in assets in Kuwait and Bahrain worth $693 million from French utility developer ENGIE , according to a joint statement on Wednesday. The share purchase agreement covers operating capacities of 4.61 GW of gas-fired power generation and 1.11 million cubic meters per day (m3/day) of water desalination facilities, the companies said in a statement. Elsewhere, ADES Holding added 1.4%, after reporting a sharp rise in annual profit. Dubai's main share index rose 0.3%, on course to snap two sessions of losses. The gains were led by a 1.2% rise in district cooling services provider Empower, as the firm and Dubai Multi Commodities Centre signed an agreement to supply the next phase of Uptown Dubai with sustainable district cooling services. Among other gainers, construction and engineering company Drake & Scull International advanced 2%, after winning contracts worth over 1 billion dirhams ($272.28 million) for the Arabian Hills project. In Abu Dhabi, the index nudged 0.1% higher. The Qatari benchmark fell 0.4%, hit by a 1.9% drop in the Gulf's biggest lender Qatar National Bank. Separately, Qatar's Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani said on Sunday that six venture capital firms the investment authority has invested in as part of its "fund of funds" programme will open offices or regional headquarters in Qatar. ($1 = 3.6727 UAE dirham)
Emirates 24/7
24-02-2025
- Business
- Emirates 24/7
'Drake and Scull' Wins Major Contracts Exceeding AED 1 billion for Iconic Arabian Hills Project
Drake and Scull International PJSC (DSI), specializing in contracting services for mechanical, electrical, and plumbing (MEP), as well as oil and gas, water and wastewater treatment projects, is pleased to announce it has secured two major contracts for the highly anticipated Arabian Hills Project, with a combined value exceeding AED 1 billion. This landmark achievement further solidifies the company's position as a trusted leader in delivering large-scale, high-impact developments. The Arabian Hills Project is set to redefine modern living and infrastructure standards in the region. Spanning a massive 224 million square feet area, the project integrates cutting-edge design, sustainable construction practices, and world-class amenities, establishing a new benchmark in luxury residential and commercial development. Drake & Scull International's expertise in project management and innovative engineering solutions played a pivotal role in securing these prestigious contracts. The two contracts encompass: Infrastructure works contract for Area 10 (Sun Valley) and power works, street lighting, and contingencies for Services Authority Works, valued at AED 452,852,000. Infrastructure works in Area 05 (Park Vista) and power works, street lighting, contingencies for Services Authority Works, and the construction of a Sewage Treatment Plant, with a total value of AED 557,809,000. The awarded infrastructure work, set to commence immediately, will involve the use of advanced construction methods and a highly skilled workforce to ensure timely delivery and exceptional quality. "These contracts represent a significant milestone in our journey towards growth and excellence. Our winning of these vital projects in the "Arabian Hills" development reflects our unique capabilities, our commitment to high quality standards, and our success in executing major projects. It also reflects our clients' confidence in us as a strategic partner in developing sustainable urban environments. These contracts are part of a large portfolio of projects that we are currently working on, in addition to numerous tenders that we are competing for in various sectors. We are optimistic that these projects will contribute to strengthening our position in the market and expanding our business portfolio in the coming years" said Muin El Saleh, CEO of Drake & Scull International. This significant win comes at a time of renewed momentum for DSI, following a successful restructuring and liquidity injection that has fortified the company's financial standing and operational capacity. With a robust pipeline of projects, including bids worth billions across diverse sectors such as infrastructure, MEP, and wastewater treatment, DSI is well-positioned for sustainable growth and long-term success. Salem Al Muheiri, Managing Director of Arabian Hills Investment and Real Estate Development, said: 'The Arabian Hills Project is a transformative development that embodies our commitment to delivering exceptional communities where innovation, sustainability, and modern living come together. This project represents an important step in redefining the standards of integrated residential and commercial spaces in the region.' 'We are pleased to have Drake & Scull International as our main contractor for the awarded contracts. Their proven track record in delivering large-scale, high-value developments gives us the utmost confidence that Arabian Hills will be completed to the highest standards of quality, on schedule, and with meticulous attention to detail.' He added. Drake & Scull International's announcement of this monumental achievement underscores its commitment to driving excellence and innovation in the construction and engineering sectors. The Company will continue to deliver impactful projects that contribute to the UAE's vision of sustainable and innovative urban development. Follow Emirates 24|7 on Google News.
