Drake & Scull International (DSI) has announced that its general contracting subsidiary, Gulf Technical Construction Company (GTCC), is negotiating AED 1bn ($272.3mn) worth of contracts with key Al Ain project.
The MEP contractor also bagged an AED 250mn contract to develop the Nasayem project in Wahat Al Zaweya, a residential project under construction in Al Ain.
Construction works have already begun on the 336-unit villa complex Nasayem project.
Final negotiations now underway for additional contracts valued at AED 750mn, are expected to be concluded by H1 2018.
Rabih Abou Diwan, investor relations director, Drake & Scull International, said: “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.
“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.”
The negotiations are part of the company’s plans to achieve full operational recovery by completing existing projects, targeting new ones and looking for new opportunities to diversify and expand income.
The largest shareholder of DSI, Tabarak Investment has confirmed a significant improvement in the efficiency of operations under the leadership of DSI’s new management.
The company recently announced completing the restructuring of its corporate general bank debt in the UAE.
DSI also plans for the restructuring and refinancing of its projects debt with the initial focus on approximately AED 1bn of funded projects debt in Saudi Arabia.