Dubai’s Ellington Properties, Déjà Vu Real Estate ink AED 150m deal

Dubai – Mubasher: Drake & Scull International's (DSI) new management has committed to completing the current investigations into “any offences committed by the previous management,” DSI’s chairman Shafiq Abdelhamid affirmed.

The leading global construction engineering company confirmed that it will ensure that shareholders' rights are completely protected, according to a statement on Wednesday.

The Dubai-listed contractor has already submitted 15 criminal complaints against the previous management, members of the previous board of directors, in addition to some of their family members.

These complaints are still being investigated by the competent authorities.

In addition, a previous executive manager, who was also an executive board member, and one of his family have reportedly been banned from travelling, according to the statement that cited informed sources.

Moreover, the authorities have ordered the freezing of the bank accounts of the executive manager and his wife and the seizure of properties registered under their names.

“While he is currently abroad with his family, he is still subject to ongoing investigations regarding the criminal complaints that were assembled by the experts and filed against him,” the report noted.

DSI also stressed that news reports about absolving the previous executive manager and one of his family members from their previous duties and liabilities by shareholders are completely “incorrect” and baseless.

Hidden losses

During the 2009-2017 period, the company, under the previous management, incurred annual losses hidden from shareholders.

DSI’s losses rose from AED 939 million in 2015 to AED 1.396 billion in 2017, totalling AED 3.15 billion by 2017, equalling three times the company’s total paid-up capital.

These losses were attributed to “the previous executive management’s failure to comply with corporate governance and transparency rules, and lack of proper managerial and financial standards,” according to the fact-finding committee.

SHUAA Capital has been appointed by the new management to support the company’s restructuring plan and “bring it back to profitability, and to contribute to the UAE’s growth as well as add value for [its] shareholders,” the chairman confirmed.

In June, DSI’s board of directors appointed Shafiq Abdelhamid as the new chairman.

Dubai – Mubasher: Arabtec Holding and Trojan Holding have reportedly hired Switzerland’s UBS bank and Emirati Shuaa Capital to advise a potential merger between both companies, according to Reuters.

The Swiss bank will work with Arabtec and Shuaa will work with Trojan, informed sources told the international news agency.

The success of the negotiations would be followed by the start of due diligence and a process for the merger, the sources added.

In September, the Dubai-listed Arabtec Holding announced that it was considering the possibility of combining construction business with Trojan Holding, a construction company in Abu Dhabi.

Arabtec Holding previously posted it had logged a net profit attributed to the owners of the parent company of AED 58 million during the first half of this year, 48.8% down from AED 113 million in H1-18.

UAE - Mubasher: Azizi Developments, a leading private developer in the region, announced it has completed 93% of the construction work at its residential and commercial development Samia.

Samia is scheduled for delivery by December 2019 as part of the company’s Year of Construction, according to a press release.

Located in Al Furjan, one of the highly strategic locations in Dubai, the development comprises 284 units, including 137 studios, 124 one-bedroom units, 15 two-bedroom apartments, and eight penthouses, the Emirati developer highlighted.

These units are specially designed for customers who seek to move from a rental to owned-home lifestyle.

Alexandros Pounentis, head of construction operations at Azizi Developments, said: “We are working with renowned and well-established contractors to deliver our project on time and meet the highest standards of build quality and excellence.”

With a highly strategic location and outstanding connectivity as key selling points, Samia appeals to value-oriented customers who wish to gain strong rental yields or are looking for an ideal place to call home. Enriching the lives of our valued customers and contributing to the development of the UAE’s real estate landscape remains our prime focus, manifested through exceptional projects like Samia,” Pounentis added.

The structure, blockwork, and internal plaster of the project is 100% done, while the tiling work is 95% complete and the heating, ventilation and, air conditioning (HVAC) are 96% complete.

Azizi has also completed 84% of external works, 98% of the swimming pool, and 91% of the overall finishing.

Additionally, 98% and 93% of the elevator and the façade stand have been completed, respectively.

Samia has a total gross floor area of 18,354 square metres and features amenities including two swimming pools, a gymnasium, a sauna, and a steam room, as well as a dedicated retail area with 11 outlets spanning across 7,000 square metres.