Drake & Scull International PJSC (DSI or the Company), a regional engineering and solutions leader, revealed today that Tabarak Investment LLC acquired the majority shares of Previous Ceo, Khaldoun Tabari.

The transaction reaffirms the commitment of Tabarak Financial reaffirmst LLC to the DSI name and the appealing expectation of the Company upon conclusion of the capital restructuring program which was accepted by the investors at the Yearly General Assembly Meeting held on 4th of Could 2017.

The company continues to assess and optimize its organizational structure by combining and integrating core features across operating segments to reduce overheads, improve costs and to enhance the bottom line performance.

The company advanced a collection of key monitoring appointments at both corporate and subsidiary degrees and the new monitoring team has been recently complemented with the visit of Feras Kalthoum as Acting Chief Financial officer of the Group.

The company advanced with the funding restructuring program and received today from the Stocks and Commodities Authority (SCA) better instructions to wage the last regulative preparations in order to fulfil the approval demands and to start the 75% funding reduction.

Phase 1 (capital reduction) of the resources restructuring program is expected to be completed within six to seven weeks. After conclusion of phase 1, the Company will certainly prompt the implementation of stage two (Capital increase) of the program which includes the AED 500 million resources boost to speed up the access of Tabarak Investment LLC as a significant strategic investor in the Company.

The preliminary projected timeline of the resources restructuring program has been postponed by a duration of one month and the Company now anticipates to complete the program by the end of Q3 2017.

Wael Allan, Chief Executive Officer, Drake & Scull International PJSC, commented:

" We are pleased to see Tabarak Investment reaffirm declare their unwavering commitment to the Company. With their unyielding support, we will aggressively continue to execute our turnaround method and embark on key business changes and tactical initiatives in cooperation with all our stakeholders."

" I would to reassure all our shareholders that the new management group is fully devoted and tailored to prepare a new phase of monetary & operational recovery."

" In spite of the temporary obstacles, the Company is well placed to benefit from its leadership position in the MEP industry and to protect lucrative jobs in the UAE market in the near future."

Feras Kalthoun, Performing CFO, Drake & Scull International PJSC, included:

" I look forward being part of the new monitoring group assigned to support business and settle the Group's monetary challenges."

" The completion of the funding restructuring program is important to settling the liquidity obstacles of the Company and to rebalance the Resources structure of the Group."

" Our prompt top priority is to plug-in our working capital deficit; improve collection to shore-up liquidity."

" Our temporary objectives are to improve our business, reinforce liquidity, maximize governance and transparency, and protected high-potential jobs. The UAE market continues to be buoyant and we expect to progress gradually with our turnaround approach throughout the second half percent of the year."

Ahmed Kilani, CEO, Tabarak Financial investment LLC, concluded:

" The acquisition of Tabari's shares is a voice of self-confidence in the DSI brand and the historical performance history of the Company particularly in the MEP market in the UAE. The critical synergies in between DSI and Tabarak will certainly be crucial to the success of the turnaround approach stated by the Company previously this year."

"We are optimistic about the potential customers of the Company in the long-term and we are keen on the conclusion of the Resources restructuring program to assist the Company during this tough time, yet promising outlook.