Dubai contracting giant Drake & Scull to 'cut overheads' as losses top $1.3bln | ZAWYA MENA Edition
Dubai-based contracting giant Drake & Scull International (DSI) is planning to reduce the cost of overheads as losses have reached nearly 5 billion dirhams ($1.3 billion).
In a bourse filing to the Dubai International Financial Market (DFM) on Monday, the company said it will also continue negotiating with banks and creditors to reach “comprehensive settlements”, as well as improve its overall “operational productivity and efficiency”.
The company’s accumulated losses as of December 31, 2020 have reached 4.902 billion dirhams, which now represent 458 percent of the capital.
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