Dubai’s Drake & Scull In Talks with Banks to Sell Plots of Land

Dubai’s Drake & Scull In Talks with Banks to Sell Plots of Land
A general view of a construction site of the Jumeirah Beach Residence is seen in Dubai, December 2, 2007. Jumeirah Beach Residence is considered the largest single-phase residential and commercial project in the world. Picture taken December 2, 2007. REUTERS/Steve Crisp (UNITED ARAB EMIRATES) – RTX4CLW

Dubai-based building contractor Drake and Scull International PJSC (DSI) is in talks with banks to divest some of its assets, Reuters reports.
Earlier this year, the cash-strapped firm announced a turnaround and capital restructuring plan which included a number of cost-cutting measures and capital raising initiatives.
As part of this overhaul, DSI CEO Wael Allan tells Thomson Reuters Projects in April that the company plans to sell some of its ‘non-core’ assets in 2017, helping to fund a cash injection of approximately AED 900 mn (USD 245 mn) in equity this year.
“So, what we’re doing is we’re doing the groundwork now. So, we’re doing some valuations, some have already been done to determine the value (of assets),” acting chief financial officer Feras Kalthoun says on the sidelines of a press conference in Dubai this week.
“We’re in talks with investment banks to try and market these assets,” he said, adding that some of these assets would include the company’s land bank.

Menna A. Farouk 368 Posts

Menna A. Farouk is a Cairo-based reporter. She has contributed to several international news organizations, including Deutsche Welle, Al-Monitor and Global Voices.


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