Drake & Scull International (DSI), announced on 18 June that it has undertaken a capital restructuring exercise in order to take the business forward and it will focus more on MEP projects rather than general contracting, its CEO said.
A major part of the cost optimisation involved Tabarak Investment acquiring the majority shares of DSI’s former chief executive officer, Khaldoun Tabari.
DSI CEO Wael Allan said that the company concluded a series of key management appointments and the new management team has been recently appointed Feras Kalthoum as acting chief financial officer of DSI.
The company has initiated plans to reduce its capital by 75% by the end of Q3. This will be followed by a $136m (AED500m) capital injection by Tabarak Investment to accelerate its entry as a major strategic investor in DSI.
Talking about focusing on MEP projects henceforth, Allan said: “Our strategy is simple. Do what we are good at. We are good at MEP and we are very good at that in the UAE. Our core competency is MEP and our core geography is the UAE. The company is well positioned to benefit from its leadership position in the MEP sector and to secure profitable projects in the UAE market in the near future.”
“I am strong believer that the MEP area needs more innovation. As DSI, we are going to invest more on BIM, engineering and design. And so we have been hiring more in that area,” Allan told MEP Middle East on the sidelines.