Dubai-listed Drake and Scull International (DSI) intends to complete two major contracts with a combined value exceeding 1 billion UAE dirhams ($272 million) for the Arabian Hills project by the end of 2027.

The contracting company expects to achieve a profit margin of 8 to 10 percent, while revenues will be recognised based on the percentage of completion during the project execution period, it said in a statement published on the Dubai Financial Market on Monday.

The company clarified that the projects will be financed through its cash resources and available bank facilities.

Last month, CEO Muin El Saleh said the contracts are part of a large portfolio of projects the company is currently working on, in addition to numerous tenders reaching completion in various sectors.

The AED 22 billion ($6 billion) Arabian Hills Estate project, launched last year, is located on the Dubai - Al Ain Road and comprises 14 phases spread over 244 million square feet. 

(Writing by P Deol; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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