E-mail Article
Printer Friendly
Share Article
Drake & Scull
Recently DSI was listed on DFM, after a very successful IPO in July 2008, and it is now possible for us to use the AED1.2bn ($326m) IPO proceeds to expand our business throughout the region. This will increase our contracts, figures and subsequently, profits.
We currently employ 12,000 people in the UAE. We also recently held a recruitment drive to fill more than 100 vacancies created by our expansion. Because of the recession, there is a readily available pool of talent. We are taking advantage of this and employing the best people with the most experience and knowledge to assist in the expansion of DSI.
DSI has vast experience in the Middle East region, excellent planning and three solid business streamlines which will ensure our survival and success throughout these difficult economic times.
We are very bullish. DSI is in a very stable position.
Do you have any expansion plans now that the boom is shifting in the region towards new markets such as Qatar and Saudi?
Yes, most of our work is currently in the UAE but we are also working on IWP projects in Sudan, Bahrain and KSA. It was mentioned in our IPO prospectus back in July 2008 that our growth strategy was to expand horizontally and vertically throughout the region. We are actually in the process now of evaluating companies in KSA and Qatar for the purposes of acquiring them by Q3 2009. We are also in the process of tendering for the works for the new airport in Libya.
DSI listed on the Dubai Financial Markets on March 16. How do you describe the move under the current situation of the Financial Markets in the region?
No one saw this global economic crisis coming. It hit fast and hard so there was little time to prepare. We had been planning our listing for over a year, when the market was completely different. We are still very confident and we know that the listing has provided us with the leverage to take advantage of the opportunities that many markets still offer.
Our growth strategy has not changed and the management has spent much of their time, between our IPO in July 2008 and our listing in March 2009, in streamlining and preparing for the expansion that the listing will facilitate.
The unstable situation worldwide is just a temporary reaction based on lack of confidence in the market and lack of liquidity. We are sure that we will soon witness a reasonable correction to the markets and DSI will be at the forefront of this revival.
DSI has the projects, the people and the capabilities. We are a very strong company that will be profitable in 2009, despite the world economic conditions.
Quick Links(Residental)
Filter by address:
No Comments