DUBAI: Contractor Drake & Scull said it swung to a profit of 95 million dirhams ($25.9 million) last year after losing 87 million dirhams the year before.
But auditor EY highlighted the UAE-based company’s accumulated losses of 4.9 billion dirhams ($1.3 billion), liabilities that exceeded assets by 4.1 billion dirhams and negative cash flow in 2020 of 104 million dirhams.
These figures “cast significant doubt about the Group’s ability to continue as a going concern,” EY said in a statement accompanying the earnings, which were released to the Dubai Financial Market on Thursday.
EY also raised a number of issues with Drake & Scull’s accounts, including being unable to determine opening balances for the beginning of 2020 after refusing to sign off on its 2019 accounts due to “significant and pervasive” audit issues.
“Looking ahead, our main focus will be to restructure our debt and equity for which a comprehensive plan is in progress,” the company said in a statement accompanying the results.
Drake & Scull presented a restructuring plan to creditors at the beginning of March and will hold a vote on its implementation at the end of April.
Contractor DSI swings to profit but auditor highlights $1.3bn in accumulated losses
https://arab.news/r5gnf
Contractor DSI swings to profit but auditor highlights $1.3bn in accumulated losses
- Contractor looks to restructure debts
- Construction hit hard by slowdown
New Murabba seeks contractors for Mukaab Towers fit-outs: MEED
RIYADH: Saudi Arabia’s New Murabba Development Co., a wholly owned subsidiary of the Public Investment Fund, has issued a request for information to gauge the market for modular and offsite fit-out solutions for its flagship Mukaab development, MEED reported on Wednesday.
The RFI was released on Jan. 26, with submissions due by Feb. 11. NMDC has also scheduled a market engagement meeting during the first week of February to discuss potential solutions with prospective contractors.
Sources close to the project told MEED that NMDC is “seeking experienced suppliers and contractors to advise on the feasibility, constraints, and execution strategy for using non-load-bearing modular systems for the four corner towers framing the Mukaab structure.” The feedback gathered from these discussions will be incorporated into later design and procurement decisions.
The four towers — two residential (North and South) and two mixed-use (East and West) — are integral to the Mukaab’s architectural layout. Each tower is expected to rise approximately 375 meters and span over 80 stories. Key modular elements under consideration include bathroom pods, kitchen pods, dressing room modules, panelized steel partition systems, and other offsite-manufactured fit-out solutions.
Early works on the Mukaab were completed last year, with NMDC preparing to award the estimated $1 billion contract for the main raft works. This was highlighted in a presentation by NMDC’s chief project delivery officer on Sept. 9, 2025, during the Future Projects Forum in Riyadh.
Earlier this month, US-based Parsons Corp. was awarded a contract by NMDC to provide design and construction technical support. Parsons will act as the lead design consultant for infrastructure, delivering services covering public buildings, infrastructure, landscaping, and the public realm at New Murabba. The firm will also support the development of the project’s downtown experience, which spans 14 million sq. meters of residential, workplace, and entertainment space.
The Parsons contract follows NMDC’s October 2025 agreements with three other US-based engineering firms for design work across the development. New York-headquartered Kohn Pedersen Fox was appointed to lead early design for the first residential community, while Aecom and Jacobs were selected as lead design consultants for the Mukaab district.
In August 2025, NMDC signed a memorandum of understanding with Falcons Creative Group, another US-based firm, to develop the creative vision and immersive experiences for the Mukaab project. Meanwhile, Beijing-based China Harbour Engineering Co. completed the excavation works for the Mukaab, and UAE-headquartered HSSG Foundation Contracting executed the foundation works.
