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Drake & Scull International PJSC (DSI) – Introduction and background |
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Drake & Scull International PJSC (DSI) is a diversified engineering and construction contractor mostly providing plumbing, water and wastewater treatment services in the UAE and certain international markets.
Drake & Scull traces its origins to two British engineering firms, founded in 1881 and 1886 respectively, which merged to form Drake & Scull. The company established a regional base in Abu Dhabi in 1966 and expanded steadily across the region in the following decades, providing construction contracting and oil and gas services to local businesses. Following a majority stake acquisition by Jordanian businessman Khaldoun Tabari in 1998, DSI listed on the DFM in 2008 through a heavily-oversubscribed IPO. The company grew rapidly but fell into severe financial difficulty during the regional construction downturn that followed the 2014 oil price slump, reporting heavy losses that led to a trading suspension in November 2018. The company underwent restructuring and was declared bankrupt, resuming trading in 2024. DSI is still in recovery, but has a book of business across the region and in India.
DSI resumed trading on the DFM in May 2024 under a recapitalised balance sheet. The company is still in the early stages of its post-restructuring turnaround and carries a limited project backlog relative to its historical scale.
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8th floor, CI Tower
Corniche Road
PO Box 93894
Abu Dhabi
United Arab Emirates
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ADS Securities L.L.C – S.P.C (“ADSS”), a limited liability company – sole proprietorship company incorporated under United Arab Emirates law. Registered under Commercial License No.1190047. ADS Securities L.L.C S.P.C is regulated and authorised in the UAE by the Capital Market Authority (CMA) under Category 1 License No.305027 (Trading Broker, Trading and Clearing Broker, Trading Broker in the International Markets, Trading Broker of OTC Derivatives and Currencies in the Spot Market, Financial Products Dealer) and Category 5 License No.20200000217 (Introduction). Registered Office: 8th Floor, CI Tower, Corniche Road, P.O. Box 93894, Abu Dhabi, United Arab Emirates.
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