Latest news with #MuinElSaleh
Gulf Business
07-07-2025
- Business
- Gulf Business
Drake & Scull enters real estate development with first Dubai project
Drake & Scull International (DSI), a long-established name in MEP contracting and infrastructure services, has announced its foray into commercial real estate development with the acquisition of a prime plot in Majan, Dubai. The move marks a strategic diversification of the company's operations as it prepares to build a modern mixed-use commercial property from the ground up. A strategic shift in business focus This new venture signals a pivotal evolution in DSI's business model, transitioning from its traditional role as a contractor to that of a full-fledged developer. The project reflects DSI's intent to broaden its revenue base and establish a presence in Dubai's vibrant real estate sector by owning and developing high-value assets. 'For years, DSI has been synonymous with engineering excellence and large-scale construction. Today, we take a transformative leap forward by entering the development space, a natural progression that allows us to leverage our deep industry knowledge while creating lasting assets,' said Muin El Saleh, CEO of DSI. He continued: 'This project is more than just a building; it is a testament to our resilience and ambition to evolve with the market. By diversifying into development, we are securing new revenue streams, strengthening our brand, and contributing to Dubai's urban transformation.' Commercial project details DSI's debut development will span over 156,000 square feet of built-up area, featuring more than 10,000 square feet of high-end retail space at ground level and over 67,000 square feet of office space spread across nine floors. The property will also offer a three-level podium parking facility with space for approximately 147 vehicles, ensuring practical access for tenants and visitors alike. To ensure the highest design and construction standards, DSI has appointed Bel-Yoahah Architectural and Engineering Consultants as its design and supervision partner. Soil investigations and topographic surveys are complete, with construction approvals underway. Project completion is targeted for the end of 2026. Long-term growth vision 'Our expertise in delivering complex projects gives us a unique advantage in this venture,' El Saleh added. 'We understand the intricacies of construction, cost efficiency, and quality control, all of which are critical elements that will set our developments apart. This is just the beginning of a new strategic direction for DSI, and this project will be one of many developments we plan to undertake as part of the company's transformation into a more diversified, forward-looking enterprise.' Read: By managing the development in its entirety—from land acquisition to project delivery—DSI aims to maximise value creation and leverage its decades of experience in engineering and construction. The company's entry into real estate development reflects both confidence in the UAE's long-term economic prospects and its commitment to evolving with market opportunities. With this first step, DSI is laying the groundwork for a broader presence in the property development sector, combining its strengths in execution with a vision to deliver next-generation commercial spaces in Dubai's competitive real estate landscape.
Arabian Business
07-07-2025
- Business
- Arabian Business
Dubai real estate: Contracting specialists Drake & Scull make real estate business debut
Drake and Scull International (DSI) is writing a new chapter in its 135-year history, after the contracting services company for mechanical, electrical, and plumbing (MEP) announced its first foray into commercial real estate development. In a move that signals an ambitious expansion beyond its core business, DSI has acquired a prime plot in Majan, Dubai, and will be developing a mixed-use commercial building from the ground up. Dubai's Majan project marks DSI's debut The project marks DSI's debut into property development and is based on the company's vision to diversify its portfolio and capitalise on Dubai's thriving real estate sector. By controlling every aspect of this development, from land acquisition through delivery, DSI is positioning itself to capture greater value while leveraging its decades of construction expertise to create premium and efficient commercial spaces. The Majan project will feature over 156,000 sqft of built-up area, including more than 10,000 sqft of premium retail space on the ground floor and over 67,000 sqft of office spaces across nine floors. It will also have a three-level podium parking. Muin El Saleh, CEO of DSI, commented: 'For years, DSI has been synonymous with engineering excellence and large-scale construction. Today, we take a transformative leap forward by entering the development space, a natural progression that allows us to leverage our deep industry knowledge while creating lasting assets. 'This project is more than just a building; it is a testament to our resilience and ambition to evolve with the market. By diversifying into development, we are securing new revenue streams, strengthening our brand, and contributing to Dubai's urban transformation. 'Our expertise in delivering complex projects gives us a unique advantage in this venture. We understand the intricacies of construction, cost efficiency, and quality control, all of which are critical elements that will set our developments apart. This is just the beginning of a new strategic direction for DSI, and this project will be one of many developments we plan to undertake as part of the company's transformation into a more diversified, forward-looking enterprise.' The company has partnered with Bel-Yoahah Architectural and Engineering Consultants for design and supervision. Soil investigations and topographic surveys have been completed and DSI is now finalising approvals to commence construction, which is scheduled to be completed by the end of 2026.
Zawya
14-05-2025
- Business
- Zawya
DSI's growth strategy drives more increased revenues in Q1-25
Dubai: Drake & Scull International (DSI) turned profitable at AED 2.45 million in the first quarter (Q1) of 2025, AED 39.99 million in Q1-24. Basic earnings per share (EPS) reached AED 0.001 in Q1-25, against a loss per share of AED 0.015 a year earlier, according to the financial results. Revenues from contracts with customers increased to AED 30.36 million as of 31 March 2025 from AED 29.95 million in the year-ago period. DSI closed the quarter with a strong cash position of AED 298.50 million in unrestricted cash, reflecting prudent financial management. The movement in cash during the period was mainly due to strategic investments in property of AED 21.40 million as part of the company's ongoing growth and operational priorities. In the first three months (3M) of 2025, DSI secured a landmark AED 1 billion deal in the UAE, marking a milestone in its operational turnaround and reinforcing its competitive positioning in the market. Muin El Saleh, Group CEO of DSI, said: "The return to profitability underscores our focus on cost discipline, strategic project execution, and value creation for our shareholders. While challenges remain, our liquidity position and recent project awards provide a foundation for recovery." 'The group is cautiously optimistic for the remainder of 2025. With the successful award of major projects, a streamlined cost structure, and stabilized operations, we expect further improvement in financial performance over the coming quarters,' El Saleh added. In 2024, DSI recorded net profits attributable to the shareholders valued at AED 3.74 billion, compared to net losses of AED 368.11 million in 2023.
Arabian Business
13-05-2025
- Business
- Arabian Business
Restructured Drake and Scull International returns to profit for Q1
Drake and Scull International (DSI), which successfully completed a comprehensive restructuring plan approved by the Dubai Court of Appeal, returned to profitability for the first quarter when it recorded net profits amounting to AED2.5 million (US$680,000) for Q1 2025. The Q1 profit compares to a net loss of AED42.5 million (US$11.6 million) in Q1 2024. The restructuring last year had resulted in liabilities write-back of AED3.79 billion (US$1.03 billion) and conversion of AED368 million (US$100 million) liabilities into Mandatory Convertible Sukuks. Revenue remained stable year-on-year, improving marginally from AED30 million (US$8.17 million) to AED30.4 million (US$8.3 million). General and administrative expenses rose to AED11.4 million (US$3.1 million) as against AED8.6 million (US$2.34 million) in Q1 2024, reflecting higher staffing, legal, professional, and business development costs due to the company's growth and compliance activities. Total assets reduced to AED634.3 million (US$172.7 million), down 1.9 per cent from AED647 million (US$176.2 million) in Q1 2024. Drake and Scull International closed the quarter with a strong cash position of AED298.5 million (US$81.3 million) in unrestricted cash, reflecting prudent financial management. The movement in cash during the period was primarily due to strategic investments in property amounting to AED21.4 million (US$5.83 million). Muin El Saleh, Group CEO of Drake and Scull International, commented: 'Q1 results reflect progress in stabilising operations and executing our restructuring plan. The return to profitability underscores our focus on cost discipline, strategic project execution, and value creation for our shareholders. While challenges remain, our liquidity position and recent project awards provide a foundation for recovery. 'The Group is cautiously optimistic for the remainder of 2025. With the successful award of major projects, a streamlined cost structure, and stabilised operations, we expect further improvement in financial performance over the coming quarters.' The 135-year-old Drake and Scull International delivers state-of-the-art projects and solutions across high-performance sectors, including electromechanical, integrated design, engineering, and construction, for water, power and oil and gas sectors and is involved from infrastructure development, waste-to-energy, data centre development, mechanical electrical and plumbing (MEP) to renewable energy.
Arabian Business
30-04-2025
- Business
- Arabian Business
Drake & Scull subsidiary wins $58.5mn wastewater treatment project in Jordan
Passavant Energy & Environment, a subsidiary of Dubai Financial Market-listed Drake and Scull International, has been awarded the contract for the design, construction, and operation of the North Balqa Wastewater Treatment Plant in the Hashemite Kingdom of Jordan. The North Balqa project will significantly enhance wastewater treatment infrastructure in the north-eastern Balqa Governorate. Once fully operational, the facility will have a treatment capacity of 54,000 cubic meters per day, with the first phase delivering a daily capacity of 36,000 cubic meters. The North Balqa project scope includes design and engineering; supply and delivery of equipment; testing and commissioning; and one year of operation and maintenance that will follow the first phase. The Water Authority of Jordan (WAJ), chose Passavant for the project, which is valued at JOD41.5 million (approximately AED215 million/US$58.5 million). The project is financed by the Agence Française de Développement (AFD) and the European Union's Neighborhood Investment Platform (EU-NIP). It will feature cutting-edge technology to convert waste into electrical energy, reinforcing Jordan's long-term sustainability and energy efficiency objectives. Muin El Saleh, Group CEO of Drake & Scull International, commented: 'This project reflects our commitment to driving environmental sustainability through innovation. With a proven track record in executing water and wastewater projects across Asia, Africa, and Europe, Passavant brings global expertise to this vital initiative.' The project includes an integrated wastewater treatment plant, a terminal pumping station, effluent treatment units, sludge treatment tanks, water distribution pipelines, and an advanced odour control system. The treated effluent will be transferred to the King Talal Dam, supporting agricultural reuse in the Jordan Valley. Mokhtar Haddad, Director of Passavant Energy & Environment, added: 'Being selected as the main contractor for this strategic project is a testament to Passavant's global reputation for excellence in water and wastewater treatment solutions. 'This award reflects our unwavering commitment to engineering innovation, operational reliability, and environmental stewardship. We are proud to contribute to Jordan's national goals of sustainable resource management and look forward to delivering a facility that sets new benchmarks for efficiency, resilience, and long-term impact.'
