Drake & Scull says working with Lamar Investment to resolve issues

Dubai-based contractor Drake & Scull International (DSI) on Tuesday said it is “actively engaged” with Lamar Investment and Real Estate in a bid to resolve the challenges faced by the firm for the Lamar Towers project in Jeddah, Saudi Arabia.

The contractor added that the company’s interest as a shareholder in Lamar “was and will remain to be the success of the Lamar Project.” 

The DSI clarification came in response to reports of a legal dispute with Lamar Investment for failing to complete the project.

DSI owns a 20 percent direct stake in the project, and a 10 percent indirect stake through a partner.

The firm also said it has already taken cognizance of the financial impact from the project by removing it from the order backlog, and made “required provision in its books in line with accounting standards.” 

“Drake & Scull International PJSC remains hopeful of a mutual agreement with Lamar Investments & Real Estates to settle outstanding issues in a mutually satisfactory and just manner,” the statement added.