Blab Business
Dubai-listed Drake & Scull Secures AED 52.8 Million MEP Contract for Ritz-Carlton Residences in Business Bay
Drake & Scull International (DSI), a company listed on the Dubai Financial Market, announced that it has been awarded a mechanical, electrical and plumbing (MEP) contract worth AED 52.8 million (about US$14.4 million) by the Khamas Group of Investment Co’s. The contract covers the full MEP scope for the Ritz‑Carlton Residences, a 48‑unit luxury residential development located in Business Bay, Dubai.
The Ritz‑Carlton Residences project is positioned along the Dubai Water Canal, offering residents panoramic views of the waterway and proximity to the city’s central business district. According to the developer, the project will feature high‑end finishes and amenities that align with the Ritz‑Carlton brand’s reputation for luxury and service.
Under the agreement, DSI will begin work immediately after the completion of contractual formalities and mobilization requirements. The company will deliver the MEP systems—comprising heating, ventilation, air‑conditioning, electrical distribution, fire protection, and plumbing—through to handover in accordance with the approved project schedule.
Khamas Group, a Dubai‑based developer, has a history of delivering residential and commercial projects in the emirate. The group’s involvement in the Ritz‑Carlton Residences project adds a high‑profile property to its portfolio, reinforcing its position in the competitive Dubai real‑estate market.
DSI’s appointment follows a series of recent contracts that have expanded its project pipeline. While the company’s financial performance for the current fiscal year has not yet been disclosed, the new MEP contract represents a significant addition to its revenue base and underscores its capability to manage complex, high‑value construction projects.
Business Bay, where the Ritz‑Carlton Residences are located, is a central business district that has been under development since the early 2000s. The area is characterized by a mix of commercial towers, residential high‑rises and mixed‑use developments. The Dubai Water Canal, which runs through Business Bay, has become a focal point for waterfront living and has attracted a number of luxury residential projects.
The Ritz‑Carlton brand, operated under license by Global Hospitality Licensing S.A.R.L., is known worldwide for its upscale hotels and residences. The brand’s presence in Dubai adds prestige to the development and is expected to attract affluent buyers and investors.
DSI’s MEP contract is part of a broader trend of engineering and construction firms securing large‑value projects in Dubai’s rapidly evolving real‑estate sector. The company’s listing on the Dubai Financial Market provides it with access to capital markets and a platform for raising funds to support its growth.
The contract was announced in a filing with the Dubai Financial Market, where DSI’s shares are traded under the ticker symbol DSI. The filing confirmed the contract value and the scope of work, and noted that the project would commence once contractual and mobilization procedures were completed.
The award of the AED 52.8 million contract is expected to generate significant cash flow for DSI over the course of the project, which is projected to span several years. The company’s ability to deliver the MEP systems on time and within budget will be closely monitored by the developer and the project’s stakeholders.
In the broader context of Dubai’s construction market, the new contract adds to the city’s portfolio of luxury residential developments. The ongoing demand for high‑end properties in Business Bay and surrounding districts continues to support the growth of the real‑estate sector.
As of the latest reporting, DSI has not released detailed financial statements for the current fiscal year. Investors and market observers will likely look to the company’s upcoming earnings release for further insight into how the new contract will impact its revenue and profitability.
The contract’s completion will also contribute to the overall development timeline of the Ritz‑Carlton Residences, which is expected to be delivered to owners in the coming years. The project’s progress will be tracked by the developer and the Dubai municipality, which oversees building approvals and inspections.
In summary, DSI’s acquisition of the AED 52.8 million MEP contract for the Ritz‑Carlton Residences in Business Bay marks a notable milestone for the Dubai‑listed engineering firm. The project underscores the continued demand for luxury residential developments in Dubai and highlights the role of specialized construction companies in delivering complex infrastructure solutions.
The next key dates for stakeholders include the formal signing of the contract, the mobilization of DSI’s workforce, and the commencement of MEP installation. DSI’s performance on these milestones will be critical to the project’s overall success and to the company’s reputation in the competitive Dubai construction market.
The Ritz‑Carlton Residences project is positioned along the Dubai Water Canal, offering residents panoramic views of the waterway and proximity to the city’s central business district. According to the developer, the project will feature high‑end finishes and amenities that align with the Ritz‑Carlton brand’s reputation for luxury and service.
Under the agreement, DSI will begin work immediately after the completion of contractual formalities and mobilization requirements. The company will deliver the MEP systems—comprising heating, ventilation, air‑conditioning, electrical distribution, fire protection, and plumbing—through to handover in accordance with the approved project schedule.
Khamas Group, a Dubai‑based developer, has a history of delivering residential and commercial projects in the emirate. The group’s involvement in the Ritz‑Carlton Residences project adds a high‑profile property to its portfolio, reinforcing its position in the competitive Dubai real‑estate market.
DSI’s appointment follows a series of recent contracts that have expanded its project pipeline. While the company’s financial performance for the current fiscal year has not yet been disclosed, the new MEP contract represents a significant addition to its revenue base and underscores its capability to manage complex, high‑value construction projects.
Business Bay, where the Ritz‑Carlton Residences are located, is a central business district that has been under development since the early 2000s. The area is characterized by a mix of commercial towers, residential high‑rises and mixed‑use developments. The Dubai Water Canal, which runs through Business Bay, has become a focal point for waterfront living and has attracted a number of luxury residential projects.
The Ritz‑Carlton brand, operated under license by Global Hospitality Licensing S.A.R.L., is known worldwide for its upscale hotels and residences. The brand’s presence in Dubai adds prestige to the development and is expected to attract affluent buyers and investors.
DSI’s MEP contract is part of a broader trend of engineering and construction firms securing large‑value projects in Dubai’s rapidly evolving real‑estate sector. The company’s listing on the Dubai Financial Market provides it with access to capital markets and a platform for raising funds to support its growth.
The contract was announced in a filing with the Dubai Financial Market, where DSI’s shares are traded under the ticker symbol DSI. The filing confirmed the contract value and the scope of work, and noted that the project would commence once contractual and mobilization procedures were completed.
The award of the AED 52.8 million contract is expected to generate significant cash flow for DSI over the course of the project, which is projected to span several years. The company’s ability to deliver the MEP systems on time and within budget will be closely monitored by the developer and the project’s stakeholders.
In the broader context of Dubai’s construction market, the new contract adds to the city’s portfolio of luxury residential developments. The ongoing demand for high‑end properties in Business Bay and surrounding districts continues to support the growth of the real‑estate sector.
As of the latest reporting, DSI has not released detailed financial statements for the current fiscal year. Investors and market observers will likely look to the company’s upcoming earnings release for further insight into how the new contract will impact its revenue and profitability.
The contract’s completion will also contribute to the overall development timeline of the Ritz‑Carlton Residences, which is expected to be delivered to owners in the coming years. The project’s progress will be tracked by the developer and the Dubai municipality, which oversees building approvals and inspections.
In summary, DSI’s acquisition of the AED 52.8 million MEP contract for the Ritz‑Carlton Residences in Business Bay marks a notable milestone for the Dubai‑listed engineering firm. The project underscores the continued demand for luxury residential developments in Dubai and highlights the role of specialized construction companies in delivering complex infrastructure solutions.
The next key dates for stakeholders include the formal signing of the contract, the mobilization of DSI’s workforce, and the commencement of MEP installation. DSI’s performance on these milestones will be critical to the project’s overall success and to the company’s reputation in the competitive Dubai construction market.
