Abu Dhabi – Mubasher: Tabarak Investment has confirmed that it did not sell any of its shares in Drake and Scull International (DSI) whether directly or indirectly.   

Tabarak’s long-term investment in DSI was aimed at supporting the developer and put it on the right track, according to a company statement. 

The UAE-based private equity firm stated that its support initiative provided to DSI is a manifestation of its confidence in the success of the Dubai-listed company’s restructuring plan.

On 29 April, Drake and Scull’s board approved a group of support initiatives provided by Tabarak Investment to the company until the completion of the issuance of planned convertible sukuk including Shariah-compliant interest-free loans, a support to secure new banking facilities, and new construction contracts.

Tabarak is set to award up to AED 1.5 billion projects to DSI and its subsidiaries.