Drake & Scull International Archives

Drake & Scull reported a net loss of AED 183 million ($49.82 million), which DSI attributes to the performance of subsidiaries in secondary markets in Qatar, Oman and Jordan in the second quarter, as well as defaults on project debt obligations and arrears in the secondary markets, which in turn resulted in increasing finance costs and neg

Drake & Scull appoints new CEO amid restructuring plan

Written by Staff Writer Tue 14 Aug 2018Thu 7 Oct 2021

Drake & Scull International reported a H1 2018 net loss of $49.82m, citing performance of subsidiaries in secondary markets

Drake & Scull International

Ex-Drake & Scull CEO vows legal action against ‘unfounded allegations’

Written by Staff Writer Wed 11 Jul 2018Sun 14 Nov 2021

Khaldoun Al Tabari says he has been given no opportunity to respond to internal investigation leading to claims he and his daughter owe $272m to the firm he founded

contracting giant

Drake & Scull probe said to find ex-CEO owing up to $272m

Written by Staff Writer Mon 9 Jul 2018Thu 7 Oct 2021

The amount exceeds the market value of the Dubai-based company, whose shares have plunged about 70% this year

Drake and Scull is continuing an investigation into violations by its previous management and declared them to UAE authorities, the company has said in a statement to the Dubai Financial Market (DFM).

Drake & Scull International

Drake and Scull to declare value of claims from previous management ‘in due course’

Written by Staff Writer Mon 2 Jul 2018Thu 7 Oct 2021

Drake and Scull said that it has no exposure to embattled private equity firm Abraaj Capital.

contracting giant

Dubai’s Drake eyes legal action against former management execs

Written by Staff Writer Thu 7 Jun 2018Thu 7 Oct 2021

Drake and Scull International says a committee has concluded its investigation into the conduct of previous management

Construction contracts

Dubai contracting giant rebounds to post profit in Q1

Written by Staff Writer Tue 15 May 2018Thu 7 Oct 2021

Drake & Scull International, which made a big quarterly loss 12 months ago, reports net profit after debt restructuring plan

Drake & Scull International

Dubai contracting giant Drake appoints new CEO

Written by Staff Writer Thu 29 Mar 2018Thu 7 Oct 2021

Dr Fadi Feghali is promoted to oversee all aspects of strategy and business implementation

Drake & Scull International

Dubai contractor Drake eyes $122m sukuk to enhance ops

Written by Staff Writer Wed 28 Mar 2018Thu 7 Oct 2021

Sukuk issuance plan follows the company’s recent restructuring and recapitalisation efforts

Construction

Unit of Dubai’s Drake wins $30m Moldova wastewater contract

Written by Staff Writer Mon 12 Mar 2018Thu 7 Oct 2021

Passavant Energy & Environment secures renovation deal for treatment plant in Chisinau

construction projects

Dubai’s Drake plans new labour camp to support UAE ops

Written by Staff Writer Mon 22 Jan 2018Thu 7 Oct 2021

Contracting giant says development is part of its ongoing UAE-wide operational improvements

Al Ain

Drake unit in talks to win $272m contracts for Al Ain project

Written by Staff Writer Mon 15 Jan 2018Thu 7 Oct 2021

Contracting giant says negotiating for major deals on Wahat Al Zaweya residential project

Dubai's Drake & Scull says accumulated losses total $1.3bn

debt management

Dubai’s Drake says UAE bank debt restructuring completed

Written by Staff Writer Mon 8 Jan 2018Thu 7 Oct 2021

Contracting giant also looking to refinance debt on projects in Saudi Arabia

Dubai-based Drake & Scull International recorded a net loss of AED359 million ($97.7 million) in Q3 2017, largely due to a lack of liquidity before the completion of a recapitalisation programme and AED500 million ($136.1 million) equity injection by Tabarak Investment, the firm said on Wednesday.

contracting giant

Drake and Skull record $97m loss in Q3

Written by Staff Writer Wed 15 Nov 2017Thu 7 Oct 2021

The contracting giant says debt restructuring process expected to finish in Q4