New Launch - India Real Estate Report 2026.
Dubai-listed engineering and construction firm Drake & Scull International (DSI) has secured a mechanical, electrical and plumbing (MEP) contract worth 52.8 million UAE dirhams, equivalent to $14.4 million, for The Ritz-Carlton Residences in Business Bay. The contract marks another significant win for the company as it continues to rebuild its project portfolio in the UAE.
Who Awarded the Contract
The contract has been awarded by the Khamas Group of Investment companies, a UAE-based real estate developer. Khamas Group's involvement places the project within a growing wave of branded residential developments being brought to market by regional developers in Dubai's competitive luxury housing segment.
About The Ritz-Carlton Residences Project
The Ritz-Carlton Residences, Dubai is a 48-key project located along the Dubai Water Canal, one of the city's most sought-after waterfront corridors. Its location along the canal places it within a stretch of Dubai that has increasingly attracted high-end residential and hospitality-branded developments in recent years, given its central positioning and canal-facing views.
- Contract value: 52.8 million AED ($14.4 million)
- Scope: mechanical, electrical and plumbing (MEP) works
- Project size: 48 keys
- Location: Business Bay, along the Dubai Water Canal
- Developer: Khamas Group of Investment companies
Also Read: DAMAC Hands Over 8,800 Homes Across Dubai in 2026
Drake & Scull's Ongoing Recovery
This latest win adds to a string of key project awards DSI has secured since undergoing a major restructuring in 2024. That restructuring plan included provisions to increase the company's capital by up to AED 600 million, a step aimed at strengthening its financial position and supporting renewed growth across its project pipeline.
The company's improving momentum is also reflected in its recent financial results. In May, DSI reported an 81 per cent year-on-year rise in its first-quarter profit, reaching AED 4.4 million, while revenues climbed to AED 76.6 million, marking a 152 per cent year-on-year increase. Together with the new Ritz-Carlton Residences contract, these results point to a company that is steadily regaining ground in Dubai's construction and engineering sector following its earlier restructuring efforts.
What This Means for the Market
For Dubai's real estate and construction sector, the award underscores continued investor confidence in branded luxury residential developments along prime waterfront locations. It also signals that contractors who underwent financial restructuring in recent years are increasingly being trusted with high-value technical contracts, a sign of broader market stabilisation and renewed project activity in the emirate.
Enjoyed this update? Visit PropTech Pulse for more real estate news, investment insights, and property market trends.
