Drake & Scull secures a $14.4mln contract for new Ritz-Carlton Residences in Dubai

Summary:

Drake & Scull International (DSI), a Dubai-listed engineering and construction firm, has been awarded a 52.8 million UAE dirhams ($14.4 million) mechanical, electrical, and plumbing contract for The Ritz-Carlton Residences in Business Bay by the Khamas Group, a UAE-based real estate developer. This 48-key project is situated along the Dubai Water Canal. DSI has secured multiple projects since its major restructuring in 2024, which included a capital increase plan of up to AED 600 million. In May, DSI reported an 81% year-on-year rise in Q1 profit to AED 4.4 million, with revenues up 152% to AED 76.6 million.