{"id":51150,"date":"2017-04-06T22:55:00","date_gmt":"2017-04-06T15:55:00","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=51150"},"modified":"2017-04-06T22:06:59","modified_gmt":"2017-04-06T15:06:59","slug":"overdue-saudi-project-payment-coming-within-months-says-drake-scull-ceo","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/overdue-saudi-project-payment-coming-within-months-says-drake-scull-ceo\/","title":{"rendered":"Overdue Saudi project payment coming within months says Drake & Scull CEO"},"content":{"rendered":"


\nDrake & Scull International expects to resolve its ongoing dispute with Saudi Aramco over payment for its work on the King Abdullah Petroleum Studies and Research Centre (Kapsarc) over the next 12 months, its chief executive Wael Allan has said.The company completed work on the Zaha Hadid-designed centre in Riyadh back in 2012 but is still owed more than Dh2 billion by Aramco for work carried out on the project, according to Mr Allan.He said that the building was “a great icon in Saudi Arabia”.”I really strongly believe we have done a fantastic job for the client. So we have an expectation that the client will honour our claims and our request for compensation. We have filed a number of claims and the amount totals to Dh2.3bn. It’s being processed by the Aramco contracting department and we are waiting for resolution on those claims.”Mr Allan said the company has filed five claims relating to the contract. Of these, two are due for determination “very soon”.”And when I say soon, I mean a matter of months rather than years – under six months or so,” said Mr Allan. The three remaining claims include a more substantial one that could take “a year or so” to sort out.Drake & Scull last week filed audited accounts showing a Dh732.9m loss for 2016 and a negative cash balance of Dh305m.Mr Allan said that the company was not reliant on payment from Saudi Aramco for its turnaround, stating that Dh900m was due in through its proposed capital restructuring and the sale of its One Palm Jumeirah stake.”Kapsarc coming in, other claims coming in, will only enhance our ability to thrive and grow. So we are not really relying on that, although resolving the Kapsarc issue will be transformational for the business,” he said.mfahy@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Overdue Saudi project payment coming within months says Drake & Scull CEO<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Drake & Scull International expects to resolve its ongoing dispute with Saudi Aramco over payment...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-51150","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-dj0","jetpack-related-posts":[{"id":58282,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/drake-scull-confident-on-debt-restructuring\/","url_meta":{"origin":51150,"position":0},"title":"Drake & Scull confident on debt restructuring","date":"June 19, 2017","format":false,"excerpt":"\r Drake & Scull International (DSI) will look to restructure its debt pile, which stood at Dh2.44 billion at the end of March, through the issue of a new sukuk or a syndicated loan, the company's acting chief financial officer Firas Kalthoum said on Sunday.Mr Kalthoum, whose appointment was announced\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":55023,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/provision-for-money-owed-weighs-on-drake-scull-international-first-quarter\/","url_meta":{"origin":51150,"position":1},"title":"Provision for money owed weighs on Drake & Scull International first quarter","date":"May 17, 2017","format":false,"excerpt":"\r Contractor Drake & Scull International (DSI) posted a Dh722.5 million loss in the first quarter as it made provisions against contract sums owed from customers.The company wrote down Dh572m in amounts due from customers on contract balances. It also declared a 23 per cent decline in year-on-year revenue during\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":35402,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/drake-scull-to-cull-civil-contracting-and-indian-businesses\/","url_meta":{"origin":51150,"position":2},"title":"Drake & Scull to cull civil contracting and Indian businesses","date":"November 23, 2016","format":false,"excerpt":"\r Drake & Scull International (DSI) will trim its civil contracting and Indian businesses as part of a restructuring plan aimed at returning the Dubai-listed contractor to profitability as it contends with cash flow issues caused by contracts in Saudi Arabia. DSI will close its Gulf Technical Contracting Company (GTCC)\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":132399,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/saudi-aramco-s-luberef-to-raise-1-32bn-at-ipo\/","url_meta":{"origin":51150,"position":3},"title":"Saudi Aramco\u2019 s Luberef to raise $1.32bn at IPO","date":"December 4, 2022","format":false,"excerpt":"\r Saudi Aramco Base Oil Co. could raise SR4.95bn at IPO\r \r Source : arabianbusiness.com\r Read more...Saudi Aramco\u2019 s Luberef to raise .32bn at IPO","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2022\/12\/Saudi-Aramco-1000x667-1.jpg?fit=1000%2C667&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":132690,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/saudi-aramco-seeks-backers-for-110bn-gas-development\/","url_meta":{"origin":51150,"position":4},"title":"Saudi Aramco seeks backers for $110bn gas development","date":"December 12, 2022","format":false,"excerpt":"\r Saudi Aramco gas field could hold 200tn cubic feet of raw gas\r \r Source : arabianbusiness.com\r Read more...Saudi Aramco seeks backers for 0bn gas development","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2022\/12\/Aramco-gas-fields.jpg?fit=800%2C533&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":132783,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/saudi-aramco-signs-deal-with-chinas-sinopec\/","url_meta":{"origin":51150,"position":5},"title":"Saudi Aramco signs deal with China\u2019s Sinopec","date":"December 11, 2022","format":false,"excerpt":"\r Sinopec has signed a deal with Saudi Aramco to build a Phase II 16 million-ton-a-year refining project\r \r Source : arabianbusiness.com\r Read more...Saudi Aramco signs deal with China\u2019s Sinopec","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2022\/12\/Saudi-Aramco-1000x667-2.jpg?fit=1000%2C667&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/51150"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=51150"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/51150\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=51150"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=51150"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=51150"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}