Drake & Scull International P.J.S.C

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.

On August 2, 2024, the Board of Directors of Drake & Scull International PJSC held their seventh meeting of the year at 3:00 PM at the company's offices and via Zoom. The Board approved the minutes of the previous meeting, elected H.H. Shaikh Theyab bin Tahnoon Bin Mohammad Al-Nahyan as Chairman, and ENG. Abdulla Atatreh as Vice-Chairman. Additionally, the Board appointed the Chairman and members of the subsidiary committees.

On July 30, 2024, a letter was addressed to Mr. Hamed Ahmed Ali, CEO of the Dubai Financial Market, regarding the seventh Board of Directors meeting of 2024 for Drake & Scull International PJSC. The meeting is scheduled for Friday, August 2, 2024, at 3:00 PM at the company's offices. The agenda includes reviewing and approving the previous meeting's minutes, appointing a new Chairman and Vice Chairman of the Board, appointing new Chairmen and members to the Company's subsidiary committees, and appointing a Board Secretary.

Date: 30 July 2024 Mr. Hamed Ahmed Ali CEO, Dubai Financial Market Dubai, United Arab Emirates Subject: Notification regarding withdrawal from candidacy for membership in the Board of Directors of Drake & Scull International PJSC The company announces that Mr. Shafiq Abdel Hamid, the current Chairman of the Board of Directors, has submitted a request to withdraw from candidacy for membership in the next Board of Directors. The company, represented by its Board of Directors and Executive Management, extends its sincere thanks to Mr. Shafiq Abdel Hamid for his efforts during his term, which included completing the restructuring process that ensured the company's continuity. Sincerely, Board Secretary Dana Abu Alghanam

On July 29, 2024, Drake & Scull International PJSC informed its shareholders that the Dubai Court of Appeal issued a judgment in its favor in case No. 1985/2021 Commercial Appeal. The court ruled that Khaldoun Rashid Tabari, the former CEO of Drake & Scull, and Saleh Muradweij are jointly and severally liable to pay the company AED 151,979,857 as compensation for material and moral damages, along with legal interest of 5% from the date the judgment becomes final until full payment is made. The judgment is subject to appeal. The company has initiated enforcement procedures and secured attachments on the defendants' assets.

Drake & Scull International announced its Q2 2024 financial results, highlighting a net profit of AED 3.79 billion. The company achieved this profit following the completion of a six-year restructuring plan, which included write-offs of debt, legal provisions, and bank interest totaling AED 4.1 billion. Excluding the profit from the restructuring settlement, the company reported a semi-annual net profit of AED 30 million. Additionally, the company's equity improved from a deficit of AED 4.4 billion at the end of 2023 to a positive AED 180 million by June 30, 2024. The Chairman of the Board, Engineer Shafiq Abdelhamid, expressed satisfaction with the company's return to profitability despite facing significant financial, legal, and operational challenges.

Date: 29 July 2024 Mr. Hamed Ahmed Ali CEO - Dubai Financial Market Dubai - United Arab Emirates Subject: Board of Directors Meeting Number 6 of 2024 of Drake & Scull International PJSC (the “Company”) The Board of Directors of Drake & Scull International PJSC held its sixth meeting of 2024 on Friday, 26 July 2024, at 3:00 PM at the Company’s offices. The results are as follows: 1. The Board of Directors approved the previous minutes of the meeting. 2. The Board of Directors reviewed and approved the company’s unaudited financial statement for the second quarter of 2024. 3. The Board of Directors discussed routine and operational matters of the Company. Sincerely, Dana Abualghanam Board Secretary