Business

In a landmark ruling, the Dubai Court of Cassation has ordered Drake and Scull International (DSI)'s former CEO Khaldoun Rashid Tabari and former official Saleh Muraweij to jointly or severally pay the company Dh151.97 million in compensation. This decision, announced on Wednesday, is a result of material and moral damages caused to the company.

The ruling, which is now final and binding with no possibility of appeal, also mandates the payment of a five per cent legal interest on the amount from the date the judgment becomes final until full payment is made.

Enforcement Procedures Underway

DSI, a prominent Dubai-based construction company specializing in mechanical, electrical, and plumbing (MEP) contracting services, confirmed that it has already initiated enforcement procedures to recover the awarded sum.

In a statement posted on the Dubai Financial Market (DFM), where its shares are listed, DSI expressed relief over the resolution of this matter. The company highlighted its intent to channel its efforts towards strengthening operations, pursuing new projects, and enhancing shareholder value.

Strategic Moves and Market Impact

Earlier this week, DSI signed a significant agreement with Egypt’s El Amar Group to explore and collaborate on key initiatives across Egypt and Saudi Arabia.

Following the court ruling, DSI shares rose by 1.38 per cent at the opening of Wednesday’s trading session, reaching Dh0.365 per share. The stock became the most active in early trade, reflecting investor confidence in the company’s future prospects.

This development marks a pivotal moment for Drake and Scull as it aims to rebuild trust and solidify its position in the regional construction and contracting industry.

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