Drake seeks passage to India to capitalise on spending boom



Drake & Scull, the construction and engineering firm based in Dubai, is looking for a partner in India as it seeks to capitalise on the country's growing market. The company is in talks with "three or four" companies in India, where the government has set aside US$365 billion (Dh1.34 trillion) for infrastructure spending this year alone, said Khaldoun Tabari, its chief executive.

"We are looking at an entry point, either a joint venture with a company or to organically grow with a family company in India," he said. "There are a lot of projects there now." Drake & Scull has been rapidly expanding overseas in order to beat the downturn in the UAE, where it is owed about Dh1bn by clients. Contractors have struggled to collect on debts as developers deal with tighter liquidity, although Mr Tabari said that "things have improved" compared with a year ago.

"Everyone is having trouble getting paid," he said. "But now people don't venture into a building project unless they know where the money is coming from." Closer to home, Drake will spend Dh700 million to buy Saudi Arabian companies - a mechanical, engineering and plumbing business as well as a civil-works firm. Both acquisitions are expected to be finalised by early next quarter. The acquisitions will be 50 per cent funded by the company's own cash, while the rest will be borrowed from banks.

"Our treasury is working with banks to put a financial package in place," said Mr Tabari. Drake, which this week won Dh240m worth of contracts in Abu Dhabi, is also on the verge of being awarded a civil works deal for a 40-storey building in Jeddah, said Mr Tabari. The new contracts will help to boost the company's project backlog to an estimated D6bn by the end of this year. Its order book totalled Dh4bn at the end of the first quarter, compared with Dh2.7bn at the same time last year.

It is also awaiting news on Dh5.5bn worth of bids in Abu Dhabi. "It's an 18-month process in Abu Dhabi, from the time you bid until ground-breaking," said Tawfiq Abu Soud, an executive director at Drake. "We're still waiting for a decision from clients on what we bid for last year." @Email:agiuffrida@thenational.ae

Tax authority targets shisha levy evasion

The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.

Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".

The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.

He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.

"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.

As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.

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The specs

Engine: 1.5-litre 4-cylinder petrol

Power: 154bhp

Torque: 250Nm

Transmission: 7-speed automatic with 8-speed sports option 

Price: From Dh79,600

On sale: Now

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Pupils in Abu Dhabi are learning the importance of being active, eating well and leading a healthy lifestyle now and throughout adulthood, thanks to a newly launched programme 'Healthy Lifestyle'.

As part of the Healthy Lifestyle programme, specially trained coaches from City Football Schools, along with Healthpoint physicians have visited schools throughout Abu Dhabi to give fun and interactive lessons on working out regularly, making the right food choices, getting enough sleep and staying hydrated, just like their favourite footballers.

Organised by Manchester City FC and Healthpoint, Manchester City FC’s regional healthcare partner and part of Mubadala’s healthcare network, the ‘Healthy Lifestyle’ programme will visit 15 schools, meeting around 1,000 youngsters over the next five months.

Designed to give pupils all the information they need to improve their diet and fitness habits at home, at school and as they grow up, coaches from City Football Schools will work alongside teachers to lead the youngsters through a series of fun, creative and educational classes as well as activities, including playing football and other games.

Dr Mai Ahmed Al Jaber, head of public health at Healthpoint, said: “The programme has different aspects - diet, exercise, sleep and mental well-being. By having a focus on each of those and delivering information in a way that children can absorb easily it can help to address childhood obesity."

The Ashes

Results
First Test, Brisbane: Australia won by 10 wickets
Second Test, Adelaide: Australia won by 120 runs
Third Test, Perth: Australia won by an innings and 41 runs
Fourth Test: Melbourne: Drawn
Fifth Test: Australia won by an innings and 123 runs

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Scores

Oman 109-3 in 18.4 overs (Aqib Ilyas 45 not out, Aamir Kaleem 27) beat UAE 108-9 in 20 overs (Usman 27, Mustafa 24, Fayyaz 3-16, Bilal 3-23)

UAE%20athletes%20heading%20to%20Paris%202024
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
MATCH INFO

Argentina 47 (Tries: Sanchez, Tuculet (2), Mallia (2), De La Fuente, Bertranou; Cons: Sanchez 5, Urdapilleta)

United States 17 (Tries: Scully (2), Lasike; Cons: MacGinty)

Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Rating: 4/5
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Rating: 2/5