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Thu 18 Dec 2014 10:26 AM

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Dubai's Drake and Scull mulls share buyback

Contractor's shares have plunged 42 percent since the end of October as part of a panic sell-off in the Gulf triggered by falling oil prices

Dubai's Drake and Scull mulls share buyback
Khaldoun Tabari, Drake & Scull CEO

The board of Dubai contractor Drake and Scull will consider buying back up to 10 percent of the company's shares at a meeting on December 22, the company said on Thursday.

Drake and Scull, whose shares have plunged 42 percent since the end of October as part of a panic sell-off in the Gulf triggered by falling oil prices, provided no other details of the potential buyback.

Two other companies from the United Arab Emirates, investment firm Waha Capital and Abu Dhabi Commercial Bank, used their existing share buyback programmes on Wednesday, they said in separate bourse statements.

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