Construction

DSI in advanced negotiations with Wahat Al Zaweya for contracts worth $272m

Company already awarded $68m contract for Nasayem project in Al Ain as talks for additional projects to conclude in first half of the year

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Drake & Scull International PJSC (DSI) has announced that its general contracting subsidiary, Gulf Technical Construction Company (GTCC), is negotiating $272m worth of contracts in Al Ain with Abu Dhabi-based developer Wahat Al Zaweya, which has already awarded it a $68m contract to develop the Nasayem project in the UAE’s Oasis City.

Under the terms of the agreement, GTCC has already started construction at Nasayem, which is a 336-unit villa complex comprising 290 three-bedroom villas and 46 four-bedroom villas, DSI said.

While the contract for the Nasayem project has been secured and finalised, advanced negotiations are now underway for additional contracts valued at $204m and are expected to be concluded in the first half of this year, DSI added.

“The new Wahat Al Zaweya contract is a great start towards what we expect to be an invigorated fiscal year marked by steady recovery and further stability,” said Rabih Abou Diwan, DSI’s investor relations director. “DSI is now pursuing accelerated growth and sustained industry leadership through key projects such as this that showcase our unrivalled expertise and the market confidence we continue to enjoy. We expect more of such positive developments in the coming months from GTCC and across all our divisions.”

According to DSI, the new project reflects the strategic and long-term investment of Tabarak Investment at the company – moving ahead with its plans to support DSI to achieve full operational recovery by completing existing projects, targeting new ones and looking for new opportunities to diversify and expand income.

Tabarak Investment has confirmed a significant improvement in the efficiency of operations under the leadership of DSI’s new management, which will support the latter’s financial performance during this year, DSI announced.

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