The company “Drake & Scull” has revealed details regarding the assessment of the “Arabian Hills” project. This evaluation was discussed during the general assembly held on April 30, and it was based on a technical and commercial report prepared by an independent engineering consultancy.
According to the company’s statement, the total value of the project contracts exceeds one billion dirhams, as indicated in the report from the independent appraiser, with only slight variations in pricing compared to current market levels.
Additionally, “Drake & Scull” noted that the UAE Securities and Commodities Authority is in the process of appointing a qualified independent appraiser to assess the fairness and competitiveness of the contractual value for the infrastructure works to be undertaken by the company within the project’s areas, ensuring compliance with market prices.
The arrangement includes a direct contract with the property developer for the development of infrastructure works over a total area of 6.2 million square meters. The executed works will consist of excavation, the establishment of water and sewage networks, road construction, general management, and the implementation of treatment plants.
The project execution period is set for three years, plus one year of warranty.
In conclusion, the company stated that the expected profit margin from the project implementation is projected to be between 8% and 10%.