Latest news with #Drake&ScullInternational
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.
Trade Arabia
24-02-2025
- Business
- Trade Arabia
Drake and Scull lands $272m Arabian Hills project contract
Drake and Scull International (DSI) has announced that it has secured two major contracts worth more than AED1 billion ($272.2 million) from Arabian Hills Investment and Real Estate Development for its landmark project in Dubai. Spanning a massive 224 million sq ft area, The Arabian Hills Project integrates cutting-edge design, sustainable construction practices, and top-class amenities, establishing a new benchmark in luxury residential and commercial development. On completion, it will redefine modern living and infrastructure standards in the region. A specialist in contracting services for mechanical, electrical, and plumbing (MEP), Drake and Scull caters to the oil and gas, water and wastewater treatment projects in the region. As per the deal, it will develop infrastructure for Area 10 (Sun Valley) as well as implement power works, street lighting and contingencies for Services Authority Works at a value of AED452 million in addition to completing infrastructure works in Area 05 (Park Vista) as well as construction of a sewage treatment plant for AED557 million. Drake & Scull International's expertise in project management and innovative engineering solutions played a pivotal role in securing these prestigious contracts, said its top official. "These contracts represent a significant milestone in our journey towards growth and excellence. Our winning of these vital projects in Arabian Hills development reflects our unique capabilities, our commitment to high quality standards, and our success in executing major projects," remarked Muin El Saleh, CEO of Drake & Scull International. "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," stated El Saleh. "We are optimistic that these projects will contribute to strengthening our position in the market and expanding our business portfolio in the coming years," he said. According to him, 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. 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, he added. Salem Al Muheiri, Managing Director of Arabian Hills Investment and Real Estate Development, said: "Ours 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.
Zawya
24-02-2025
- Business
- Zawya
Drake and Scull wins major contracts exceeding AED 1bln for iconic Arabian Hills Project
Dubai, UAE – 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. About Drake and Scull International PJSC Drake & Scull International PJSC (DSI) is a global industry leader delivering state-of-the-art projects and solutions across its high-performance sectors including electromechanical, integrated design, engineering, and construction, for water, power and oil and gas sectors. Through our operations, we provide integrated design, smooth functionality, and efficiency from start to finish. From Infrastructure Development, Waste to Energy, Data Centers Development, Mechanical Electrical and Plumbing (MEP) to Renewable Energy. DSI continues to be at the helm, driving the market forward through our people, passion, and innovation for more than 135 years.
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.
Zawya
13-02-2025
- Business
- Zawya
Drake & Scull logs $1bln profits attributable to shareholders in 2024
Dubai: Drake & Scull International (DSI) turned profitable attributable to the shareholders at AED 3.74 billion as of 31 December 2024, versus net losses valued at AED 368.11 million in 2023. The company posted higher revenues at AED 103.67 million in 2024, compared to AED 93.84 million in 2023, according to the unaudited financial results. Earnings per share (EPS) reached AED 1.68 in 2024, against a loss per share of AED 0.34 a year earlier. Meanwhile, the total assets jumped year-on-year (YoY) to AED 658.23 million in 2024 from AED 350.43 million. In the first nine months (9M) of 2024, DSI swung to net profits valued at AED 3.79 billion, compared to net losses of AED 197.49 million in 9M-23.
