By Amr Adel

Dubai – Mubasher: Shareholders of electrical and mechanical engineering firm Drake and Scull International (DSI) approved on Thursday an amendment to the company’s statute, allowing GCC nationals, along with UAE citizens, to own up to 51% in the company.

The decision came during an extraordinary general meeting that was rescheduled for one week due to lack of quorum.

Meanwhile, the company’s ordinary general meeting elected a new board of directors.

The new board members include Majid Al Gharir, Yousuf Al Nuwais, Jamal Al Nuaimi, Talal Al Bahar, Khaldon Tabari and Khalifa Khori.

DSI previously reported a 39.5% fall in net profits for the fiscal year 2014 to AED 110 million ($30 million), down from AED 181.7 million ($49.5 million) a year earlier.

Translated by Sayed Abdel Rahman