Staff Writer
The Dubai-listed engineering and construction firm Drake & Scull International (DSI) has secured a 52.8 million UAE dirhams ($14.4 million) mechanical, electrical and plumbing (MEP) contract for The Ritz-Carlton Residences in Business Bay.
The contract has been awarded by the Khamas Group of Investment companies, a UAE-based real estate developer.
The Ritz-Carlton Residences, Dubai is a 48-key project located along the Dubai Water Canal.
DSI has secured several key projects since the company underwent a major restructuring in 2024, which included a plan to increase capital increase of up to AED 600 million.
In May, the company reported an 81% year-on-year rise in Q1 profit to AED 4.4 million, with revenues hitting AED 76.6 million, indicating a 152% year-on-year uptick.
(Writing by Bindu Rai, editing by Brinda Darasha)
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