PHOTO
Arabian Hills Estate unveils second phase after remarkable success of phase one. Image Courtesy: Arabian Hills Real Estate Development
Dubai-listed Drake & Scull has said Arabian Hills Estate, on which it announced 1 billion dirhams ($272 million) of contracts last month, is proceeding on a stronger financial and operational framework than its predecessor Wahat Al Zaweya (WaZ).
The contractor returned from a five-year long debt restructuring to trade on Dubai Financial Market (DFM) in May 2024, the same month that the Arabian Hills development was launched.
DSI was also reported to be eying contracts worth AED 1 billion in January 2018 on Arabian Hills Estate’s predecessor WaZ, a project sold exclusively sold to Emirati nationals but paused when the company behind it racked up losses.
A statement from DSI investor relations said Arabian Hills is similar to Wahat Al Zaweya (WaZ) in location and scope but the contracts are separate, with the WaZ contract awarded prior to DSI restructuring and only partially executed.
The company said it had received one upfront payment for the WaZ contract, but the project was not completed due to a regulatory reason, and added any unresolved financial matters were addressed during the DSI restructuring.
In response to questions from Zawya, DSI said the Arabian Hills development is progressing under a stronger financial and operational framework.
“Our engagement in this project reflects the renewed confidence in Drake & Scull’s expertise and ability to deliver, and we are pleased with the positive momentum surrounding the development.”
Despite two common board members between DSI and Anan, the Abu Dhabi-listed company behind the WaZ project, DSI said there is shared industry expertise but no operational or financial affiliation between the two companies.
It also said it has no direct connection to Core International, one of the development partners of Arabian Hills Estate.
(Reporting by Imogen Lillywhite; editing by Brinda Darasha)
