Drake & Scull International (DSI) says it has signed a deal to sell its share in the One Palm development in Dubai to Omniyat Properties.

The One Palm development, on the Palm Jumeirah, is a joint venture between Omniyat Properties and DSI, and was launched in 2014.

Omniyat Properties, the developer of the project, has agreed to purchase DSI’s stake, the engineering firm said in a statement.

“The joint venture partners concurred to a provisional settlement plan comprising of consecutive phases that is scheduled to be completed in 2017 which will generate liquidity of over AED 300 million for DSI. The first phase of the settlement plan is approved and the proceeds of the payment will be remitted in March 2017,” DSI said in a statement.

“This transaction marks an important milestone in the DSI turnaround and capital restructuring plan that was initiated in Q4 2016. The company is progressing steadily with its divestment program and will continue to pursue the disposal and monetization of its non-core assets and non-performing subsidiaries to generate cash for the business.”