Dubai – Mubasher: Drake and Scull International (DSI) signed a deal with Omniyat Properties to sell its ownership share in the One Palm development in Dubai.
Launched in 2014, the development was a joint venture project between Omniyat and DSI.
Both companies agreed on a settlement plan that comprises consecutive phases scheduled to be completed in 2017, which will generate liquidity of over AED 300 million for DSI.
The first phase of the settlement plan is approved and the proceeds of the payment will be remitted in March 2017.
Updates on the residual phases will be announced later upon finalisation throughout the fiscal year.
