Drake & Scull International holds first Board of Directors meeting

DSI, one of the oldest and most experienced mechanical, electrical and plumbing ("MEP") contracting and civil contracting firms in the UAE, is due to list on the Dubai Financial Market by the end of the year following the completion of regulatory formalities. DSI has concluded its Constitutive General Assembly ("CGA") on 11th September, 2008.

The legal acceptable quorum of 50% of Total capital was met and 51.6394% of Total Capital attended the CGA which resulted in the unanimous adoption of all items on the agenda including the completion of the incorporation of the Company and the election of the 9 members of the first Board of Directors.

During the meeting held on Saturday 27 September 2008, the Board of Directors appointed the CEO, Mr Khaldoun Rachid Tabari, and vested him with the executive powers relating to the ordinary management of the business and affairs of the Company in accordance with the general and special budgets approved by the Board of Directors and appointed the provisional Board secretary Al Tamimi & Company The Board also reviewed and accepted the business plan for next year, structured the Audit and Remuneration Committees and appointed its members, and approved the Auditors fees.

Khaldoun Rachid Tabari, Chief Executive Officer, Drake & Scull International PJSC (under incorporation) commented:
'We are pleased to have held our first Board meeting, and have completed another requirement necessary for the Company's shares to be listed before the year end. We also celebrated the fact that the value of our on-going projects has exceeded Dhs4bn, which is a fantastic start to our new life as a listed company.'

DSI's first Board of Directors, with a service term of 3 years, and which was unanimously elected during the Constitutive General Assembly on 11 September, consists of:
•Mr. Majed Saif Al Ghurair, Chairman
•Mr. Khaldoun Rachid Tabari, Vice Chairman
•H.E. Mohammed Reda Al Hashemi, Member
•Mr. Yusuf Al Nowais, Independent Member
•Mr. Amjad Mohamed Al Dwaik, Member
•Mr. Talal Al Bahar, Independent Member
•Mr. Saleh Muradweij, Executive Member
•Mr. Tawfiq Abu Soud, Executive Member
•Mr. Ivor Mark Goldsmith, Independent Member

DSI will be listed on the Dubai Financial Market upon the completion of the remaining incorporation procedures which include mainly the Ministerial decision approving the incorporation of the Company and the approval of the listing application by the Securities and Commodities Authority.

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.