Dubai – Mubasher: Drake and Scull International (DSI) is coordinating with Lamar Investment and Real Estate to reach an amicable resolution to the significant challenges that DSI faces to implement the latter firm’s tower project in Jeddah.
DSI looks forward to reaching a mutual agreement with Lamar to settle outstanding issues in “a mutually satisfactory and just manner”, according to a bourse statement.
The Dubai-listed firm took cognizance of the financial impact for this project by eliminating it from the order backlog and mad required provision in its books in line with accounting standards.
The delay in implementation of the project is caused by the contractor and DSI, which has 20% stake in the project, Lamar Chairman Ahmed Halawani told Okaz/Saudi Gazette. Lamar has filed a lawsuit against the contractor to retrieve SAR 200 million.
