Dubai-based Drake & Scull International has won an infrastructure contract valued at Dh75 million for the construction of a sewerage project in Al Ain.
The contractor's water and power unit said yesterday work on the project would start immediately and would be completed by November next year.
DSI has been diversifying outside of its home market since the onset of the global financial downturn in the region.
With no new acquisitions planned for this year, the company is considering providing a dividend to shareholders for the first time since 2009.
Last week, Credit Suisse said it favoured DSI over Arabtec Holding, the only other Dubai-listed construction company.
"We reiterate our preference for DSI over Arabtec on the back of strong backlog growth for DSI compared to stalled growth and declining profitability for Arabtec which we think is yet to be reflected in consensus numbers," Ahmed Badr, an analyst at the Swiss bank said in a note.
DSI trades at a price to earnings ratio of 9.3 times, a discount of 31 per cent to Arabtec's PE of 13.5 times, Mr Badr said.
The analyst has an "outperform" rating on the stock, with a target price of Dh1.26 a share. That represents a premium of 50 per cent to yesterday's closing price of 84 fils. DSI's solid backlog growth, mainly because of regional diversification, is expected to continue to offset declining profitability margins caused by increased competition in the region.
The company's backlog reached Dh7.5 billion in the second quarter of this year, up from Dh5.7bn in the same period last year, which should reflect in earnings from this year to 2014.
The company started its operations in Algeria during the second quarter of this year and is planning to tap new markets, such as India, Iraq, Vietnam and Djibouti.
DSI has faced minimal problems from turmoil in the region, Khaldoun Tabari, its chief executive, told The National last month.
halsayegh@thenational.ae
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
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The specs
Engine: 3.8-litre, twin-turbo V8
Transmission: eight-speed automatic
Power: 582bhp
Torque: 730Nm
Price: Dh649,000
On sale: now
FIXTURES
Monday, January 28
Iran v Japan, Hazza bin Zayed Stadium (6pm)
Tuesday, January 29
UAEv Qatar, Mohamed Bin Zayed Stadium (6pm)
Friday, February 1
Final, Zayed Sports City Stadium (6pm)
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
The%20specs
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Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
Abu Dhabi traffic facts
Drivers in Abu Dhabi spend 10 per cent longer in congested conditions than they would on a free-flowing road
The highest volume of traffic on the roads is found between 7am and 8am on a Sunday.
Travelling before 7am on a Sunday could save up to four hours per year on a 30-minute commute.
The day was the least congestion in Abu Dhabi in 2019 was Tuesday, August 13.
The highest levels of traffic were found on Sunday, November 10.
Drivers in Abu Dhabi lost 41 hours spent in traffic jams in rush hour during 2019
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
The schedule
December 5 - 23: Shooting competition, Al Dhafra Shooting Club
December 9 - 24: Handicrafts competition, from 4pm until 10pm, Heritage Souq
December 11 - 20: Dates competition, from 4pm
December 12 - 20: Sour milk competition
December 13: Falcon beauty competition
December 14 and 20: Saluki races
December 15: Arabian horse races, from 4pm
December 16 - 19: Falconry competition
December 18: Camel milk competition, from 7.30 - 9.30 am
December 20 and 21: Sheep beauty competition, from 10am
December 22: The best herd of 30 camels
MATCH INFO
Crawley Town 3 (Tsaroulla 50', Nadesan 53', Tunnicliffe 70')
Leeds United 0
RESULT
Chelsea 2
Willian 13'
Ross Barkley 64'
Liverpool 0
Three trading apps to try
Sharad Nair recommends three investment apps for UAE residents:
- For beginners or people who want to start investing with limited capital, Mr Nair suggests eToro. “The low fees and low minimum balance requirements make the platform more accessible,” he says. “The user interface is straightforward to understand and operate, while its social element may help ease beginners into the idea of investing money by looking to a virtual community.”
- If you’re an experienced investor, and have $10,000 or more to invest, consider Saxo Bank. “Saxo Bank offers a more comprehensive trading platform with advanced features and insight for more experienced users. It offers a more personalised approach to opening and operating an account on their platform,” he says.
- Finally, StashAway could work for those who want a hands-off approach to their investing. “It removes one of the biggest challenges for novice traders: picking the securities in their portfolio,” Mr Nair says. “A goal-based approach or view towards investing can help motivate residents who may usually shy away from investment platforms.”
