DUBAI, June 18 Dubai-based contractor Drake &
Scull International (DSI) expects to complete a plan to
reduce its capital by 75 percent by the end of the third
quarter, deferring the process by one month, its chief executive
said on Sunday.
"The capital reduction is to allow the capital injection to
come in and that's a positive as it will allow us to win new
work and carry on," chief executive Wael Allan told reporters on
Acting Chief Financial Officer Feras Kalthoum said DSI's
business has not been affected by Qatar's rift with some of its
Gulf neighbours, but it is not bidding for new business in that
He said the company has not received any official guidance
about doing business in Qatar.
DSI been battling a depressed Gulf construction market, as
governments rein in spending on infrastructure schemes after oil
(Reporting by Tom Arnold; Editing by Saeed Azhar)