Drake & Scull International Elects New Leadership Amid Major Financial Restructuring
Drake & Scull International PJSC (DSI), a prominent player in the UAE's construction sector, has announced significant changes in its leadership and financial structure. These changes are expected to steer the company towards a promising future.
Summary
Drake & Scull International has elected Sheikh Theyab bin Tahnoon bin Mohammed Al Nahyan as Chairman and Engineer Abdullah Atatreh as Vice Chairman. The company has also written off AED 4 billion of its losses and resumed stock trading after a six-year suspension.
In a decisive move that signals a new chapter for Drake & Scull International PJSC (DSI), the company announced the election of His Highness Sheikh Theyab bin Tahnoon bin Mohammed Al Nahyan as Chairman and Engineer Abdullah Atatreh as Vice Chairman. This leadership change follows a General Assembly meeting on July 30, 2024, and the first meeting of the newly elected Board of Directors on August 2, 2024.
Sheikh Theyab bin Tahnoon bin Mohammed Al Nahyan expressed his optimism about the company's future, stating: 'The United Arab Emirates is one of the most significant countries witnessing urban and construction development on various fronts. The construction sector is one of the most vital activities in the country. We are confident that the return of Drake & Scull to the right path, as one of the leading companies in the construction field, will have a clear impact on supporting this sector.'
This leadership overhaul comes on the heels of a major financial restructuring. Last week, DSI announced the write-off of approximately AED 4 billion of its losses, which includes AED 3.79 billion in financial and commercial debts. This move is seen as a critical step in stabilizing the company's financial health and restoring investor confidence.
Moreover, DSI has resumed stock trading on the Dubai Financial Market after a suspension of more than six years. This resumption is a significant milestone that could potentially attract new investors and boost the company's market cap, which currently stands at AED 396,265,466.
Given these positive developments, the future looks promising for Drake & Scull International. The new leadership, combined with the financial restructuring, positions the company well for growth and expansion in the UAE's burgeoning construction sector.
For investors, this could be an opportune moment to consider their positions in DSI. The company's proactive measures to address its financial woes and the strategic leadership changes indicate a strong commitment to long-term growth and stability.
In conclusion, considering the recent positive changes and the promising outlook under the new leadership, it is advisable for investors to hold their positions in Drake & Scull International. The company's efforts to regain its standing in the market and the construction sector could yield substantial returns in the future.
Source
Summary
Following the General Assembly meeting of Drake & Scull International on July 30, 2024, a new Board of Directors was elected. The newly elected Board held its first meeting on August 2, 2024, where they elected His Highness Sheikh Theyab bin Tahnoon bin Mohammed Al Nahyan as Chairman and Engineer Abdullah Atatreh as Vice Chairman. Sheikh Theyab emphasized the importance of the construction sector in the UAE and expressed confidence in Drake & Scull's positive impact on the industry. Recently, the company announced the write-off of approximately AED 4 billion in losses and the resumption of its stock trading on the Dubai Financial Market after a suspension of over six years.
