Mina Al Arab is the company s flagship Dh10 billion development consisting of a pair of islands off the Ras Al Khaimah coast. A pair of new resort hotels – a 350-room Intercontinental and a 306-room Anantara property will open this year and next, respectively, the developer said.
This will improve the overall revenue stream by providing recurring income once opened.
The company expects to hand over the Marbella Villas project at Mina Al Arab containing 205 villas and townhouses, including some waterfront properties, this year. Its Julphar Residence project containing 266 apartments on Abu Dhabi s Reem Island is also due for handover in 2021, the company said.
The company will thereafter disclose the results of the voting after obtaining the approval of the relevant government authorities and the Securities and Commodities Authority, the statement said.
Drake & Scull last month posted results for the third quarter of 2020, which showed its accumulated losses rose to almost Dh4.9 billion, and liabilities outweigh assets by about Dh3.7bn. Measures being undertaken to plug this gap include finalising its restructuring plan with creditors, closing out existing projects and attempting to win new projects in the UAE, Tunisia, Kuwait, Iraq, Algeria and Germany. It also plans to pursue legal cases against third parties and previous management .