Drake & Scull International is moving hundreds of jobs from Dubai, where the company is listed, to Abu Dhabi to cope with the increase in projects it has won in the capital.
At a presentation to investors at the Dubai Financial Market yesterday the company said it was in the process of moving "up to a thousand" employees between the emirates due to the shift.
DSI said its workload in Abu Dhabi had increased from 12.2 per cent of its projects in 2011 to 14.3 per cent, while in Dubai it had fallen from 10.8 per cent in 2011 to 6.9 per cent in 2012.
"At one point we used to be 7,000 people in the UAE, 4,000 in Dubai and 3,000 in Abu Dhabi," Zeina Tabari,the chief corporate affairs officer, told investors. "Today I would say we have around 1,500 in Dubai and around 6,000 in Abu Dhabi as we are growing our backlog in Abu Dhabi and moving our staff. Other people are being moved to Saudi Arabia and Qatar to cope with the growth strategy we currently have," she said.
The news follows a similar strategy by Dubai's largest construction company Arabtec, which said in February that it had moved significant numbers of staff from Dubai to the capital after Aabar Investments, a firm backed by the Abu Dhabi Government, increased its stake in Arabtec.
The DSI action also comes amid an increase in the level of cooperation between three of the UAE's biggest contractors; DSI, Arabtec and the interiors contractor Depa.
Last year Arabtec took a stake in Depa and rumours have increasingly been circulating that Arabtec could take a stake in DSI. Last month Khaldoun Tabari, the vice chairman and chief executive of DSI, took a seat on the Depa board on behalf of Arabtec. When asked whether DSI had been approached by Arabtec with a view to a takeover, Mr Tabari said he could not comment.
"I really can't answer that," he told investors. "Will there never be this possibility? All companies have possibilities. Are there discussions today? No."
Mr Tabari revealed that he personally owned a large stake in Depa which he said was "probably worth around 10 per cent" of the company. "Our relationship with Arabtec comes from respect, and from understanding," he added. "We are blessed with a fantastic board which offers guidance. Depa needed that and I was requested to join the board on behalf of Arabtec and I did."
He said DSI was considering listing on the Saudi Arabian bourse. Work in Saudi Arabia accounted for 45.8 per cent of DSI's business in 2012.
Mr Tabari also said that he was considering buying the rights to manufacture petrochemical products in the country, which he said offered "huge potential". "I cannot say yes or no but I like the idea."
He added that he agreed with recently implemented Saudi Arabian measures aimed at increasing the number of nationals in the workforce.
"I would like to see the UAE do the same as Saudi Arabia," he said. "Why do you have nationals in Saudi Arabia, Abu Dhabi and Dubai not working when foreigners are working? You first have to cater to your own workforce."
lbarnard@thenational.ae
THREE POSSIBLE REPLACEMENTS
Khalfan Mubarak
The Al Jazira playmaker has for some time been tipped for stardom within UAE football, with Quique Sanchez Flores, his former manager at Al Ahli, once labelling him a “genius”. He was only 17. Now 23, Mubarak has developed into a crafty supplier of chances, evidenced by his seven assists in six league matches this season. Still to display his class at international level, though.
Rayan Yaslam
The Al Ain attacking midfielder has become a regular starter for his club in the past 15 months. Yaslam, 23, is a tidy and intelligent player, technically proficient with an eye for opening up defences. Developed while alongside Abdulrahman in the Al Ain first-team and has progressed well since manager Zoran Mamic’s arrival. However, made his UAE debut only last December.
Ismail Matar
The Al Wahda forward is revered by teammates and a key contributor to the squad. At 35, his best days are behind him, but Matar is incredibly experienced and an example to his colleagues. His ability to cope with tournament football is a concern, though, despite Matar beginning the season well. Not a like-for-like replacement, although the system could be adjusted to suit.
RESULTS
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COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
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