By: Mahmoud Gamal

Dubai – Mubasher: The disclosure of the result of Drake and Scull International’s (DSI) internal investigation into alleged violations is important and will positively impact the UAE markets.

The investigations have revealed that the developer’s former CEO Khaldoun Al Tabari and his daughter owe the firm about AED 1 billion ($272.3 million), Bloomberg News reported, citing informed sources.

The company’s high liquidity inflows will boost its activities and raise the morale in the markets after some investors incurred losses due to DSI’s stock, the managing director of asset management at MENACORP Tariq Qaqish told Mubasher.

This problem should be quickly addressed and a settlement with Al Tabari should be reached in the best interest of the UAE-based developer and the local markets in general, Qaqish added.

The amount allegedly owed by the CEO to the company exceeds the Dubai-listed company’s market value, Wadah Al-Taha, member of the National Advisory Board of Chartered Institute for Securities &Investments (CISI), remarked.

It would be better if the company released the news in the market instead of being leaked by other sources, the analyst said.

DSI’s stock dropped 50% since June following the recent allegations, which followed money misusage accusations against
The Abraaj Group.

Translated by: Muhammad Khalid