Drake & Scull International IPO 101 times oversubscribed

Notes and media contacts

About Drake & Scull International:
Drake & Scull International is a UAE-based public joint stock company, under incorporation and is one of the pioneering and most experienced MEP contracting and civil contracting firms in the UAE.

DSI owns directly and indirectly 100% of Drake & Scull International LLC, incorporated in Abu Dhabi (Drake & Scull Abu Dhabi), an MEP contracting company and 80% of Test Contracting Company (Test Contracting) which is a civil contracting company.

DSI is a leading end-to-end contracting company providing MEP, industrial water and power (IWP) and civil contracting services in the UAE. These include:
- MEP, where the main activities include:
- Distribution systems for electrical power
- Lighting systems
- Low-voltage systems
- Heating, ventilation, AC, refrigeration, district cooling
- Plumbing, process and high purity piping systems

- IWP, which operates on an engineering, procurement and construction (EPC) and EPC management (EPCM) basis, where activities include :
- Design & build projects in :
- District cooling
- Sewage treatment
- Water purification
- Infrastructure work

- Civil contracting, where the main activities include:
- Infrastructure work: Cabling/Piping (reticulation)
- Design & build turnkey projects involving District Cooling, Sewage Treatment and Water Purification
- Operation & maintenance of projects
- Independent execution of low & high rise buildings

DSI operates in the public and private sectors across a wide range of industries. Since its launch in 1966, DSI has designed, built, installed, commissioned and maintained the essential services of many of the UAE's landmark buildings and development projects, including: Dubai Internet City, Jumeirah Beach Hotel, Dubai Chamber of Commerce, the Wafi City Complex, Dubai Creek Golf & Yacht Club, Tiara United Towers and Rashid Hospital Emergency & Trauma Centre in Dubai, and the District Cooling Plant at Jumeirah Beach Residences and Dubai Festival City. In addition, DSI has also successfully completed a range of prestigious projects in Abu Dhabi, including the Shangri-La Hotel, Ruwais Housing Complex Extension and the Baynunah Hilton Tower Complex.

DSI is currently contracted to work on 32 major contracts worth around Dhs2.4bn in total and has a strong pipeline of forthcoming business. DSI recently won "MEP Contractor of the Year" and "Medium MEP Project of the Year" titles in Middle East MEP Awards 2007.

DSI has experienced strong growth in recent years. In 2007, revenues increased by 16.7% from the previous year and the Company saw an increase of 38.1% in gross profits compared to the previous year. Year on year growth in net profits excluding the minority share is 37.6%. These results indicate that, despite rising material costs, the Company continues to reduce overall operating costs and achieve further efficiencies in its business.

For further information, please contact:
Alex Blake-Milton / Azadeh Varzi
Brunswick
Tel: +971 4 3658260