Drake & Scull International (DSI), the Dubai-based contractor, yesterday said it sold its ownership share in the One Palm residential real estate development in Dubai to luxury developer Omniyat Properties for Dh300 million.
The struggling construction company said in a statement it would continue to sell non-core assets and non-performing subsidiaries to generate cash for its business.
“This transaction marks an important milestone in the Drake & Scull International turnaround and capital restructuring plan that was initiated in the fourth quarter of 2016,” the company said.
“The company is progressing steadily with its divestment programme and will continue to pursue the disposal and monetisation of its non-core assets and non-performing subsidiaries to generate cash for the business.”
Settlement of the sale of DSI’s share in One Palm will be completed in phases during this year, it said. The first phase of the payment plan, the size of which was not disclosed, has been approved and will be disbursed this month. Subsequent payments will be announced upon finalisation, the company said.
DSI, which specialises in mechanical, electrical and plumbing work, said last month that it had secured a commitment from Dubai-based investment bank Tabarak Investment to inject Dh500m into the company as part of a capital restructuring plan.
That commitment will be discussed at DSI’s annual general meeting of its shareholders next month where it is expected that this measure along with a number of others will be approved, the company said.
DSI said earlier this year that losses for the fourth quarter of 2016 widened to Dh490m, compared with a loss of Dh14.7m a year earlier. Revenue shrank to Dh3.24 billion last year from Dh4.2bn in 2015. Its loss last year, however, shrank to Dh786.9m from Dh938.8m in 2015.
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Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
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Points to remember
- Debate the issue, don't attack the person
- Build the relationship and dialogue by seeking to find common ground
- Express passion for the issue but be aware of when you're losing control or when there's anger. If there is, pause and take some time out.
- Listen actively without interrupting
- Avoid assumptions, seek understanding, ask questions
THE SPECS
Aston Martin Rapide AMR
Engine: 6.0-litre V12
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
What is double taxation?
- Americans living abroad file taxes with the Internal Revenue Service, which can cost hundreds of dollars to complete even though about 60 per cent do not owe taxes, according to the Taxpayer Advocate Service
- Those obligations apply to millions of Americans residing overseas – estimates range from 3.9 million to 5.5 million – including so-called "accidental Americans" who are unaware they hold dual citizenship
- The double taxation policy has been a contentious issue for decades, with many overseas Americans feeling that it punishes them for pursuing opportunities abroad
- Unlike most countries, the US follows a citizenship-based taxation system, meaning that Americans must file taxes annually, even if they do not earn any income in the US.
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Fixtures (all in UAE time)
Friday
Everton v Burnley 11pm
Saturday
Bournemouth v Tottenham Hotspur 3.30pm
West Ham United v Southampton 6pm
Wolves v Fulham 6pm
Cardiff City v Crystal Palace 8.30pm
Newcastle United v Liverpool 10.45pm
Sunday
Chelsea v Watford 5pm
Huddersfield v Manchester United 5pm
Arsenal v Brighton 7.30pm
Monday
Manchester City v Leicester City 11pm
The biog
Favourite Emirati dish: Fish machboos
Favourite spice: Cumin
Family: mother, three sisters, three brothers and a two-year-old daughter
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1. Black holes are objects whose gravity is so strong not even light can escape their pull
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5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
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Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
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Date Started: May 2015
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Most wanted allegations
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The specs
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Torque: 230Nm
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Starting price: Dh79,000
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A timeline of the Historical Dictionary of the Arabic Language
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- November 2021: First 17 volumes launched
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- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed