Dubai's Drake & Scull makes new hires to drive restructuring efforts
The MEP contractor said its latest executive appointments will support its "ongoing efforts to restructure the organisation and streamline business operations"
UAE-headquartered contractor, Drake and Scull International (DSI), has announced key executive appointments in line with its "ongoing efforts to restructure the organisation and streamline business operations".
The mechanical, electrical, and plumbing (MEP) contractor has named Ziad Makhzoumi as an advisor to its board of directors.
Makhzoumi was the chief executive of Fakih IVF prior to joining the contractor, and is expected to "play a key role in DSI’s efforts to stabilise the business, streamline and revitalise operations, and improve the financial position of the group to maintain its industry leadership".
Other senior appointments at DSI include the appointment of Muin El Saleh – previously the chief executive of Makkah & Madinah Holdings – as the managing director of DSI's UAE operation.
Dr Fadi Feghali, former managing director of Al Husam Group, has been appointed DSI's managing director for international operations.
The former general counsel of Tabarak Investment, Musa Ibrahim, has jointed DSI as group chief legal officer.
Ibrahim's former employer, Tabarak Investment, became DSI's biggest shareholder after it acquired the majority shares of DSI’s former chief executive officer, Khaldoun Tabari.
Ismail Mohammad has been appointed as the deputy general manager DSI subsidiary, Gulf Technical Construction Company (GTCC), in the UAE.
Meanwhile, Saher Ghazi Kamal has been named acting managing director for Saudi Arabia.
In a filing issued to the Dubai bourse, Mohammed Atatreh, group managing director and board member at DSI, said the appointments will support the company's "future direction".
He continued: "The success of our organisational vision depends on the dedication and capacity of our people and leadership.
"Right now, DSI is implementing a comprehensive plan that will determine the company’s future direction. Our latest executive management appointments and changes are geared towards ensuring that we have highly capable leaders in place who can help implement our re-organisational efforts in the fastest and best way possible."
Earlier this month, DSI's board elected Abdulla Atatreh as the new chairman; independent member Ahmed Saeed Al Hamiri as vice chairman; and Abdulla Fareed Algurg as new board member.
Algurg replaced Majid Al Ghurair, who resigned during a general assembly held on the 9 September, 2017.
This August, DSI secured an interest-free qard al-hasan loan of up to $27.2m (AED100m) from Tabarak Investment.
The loan will be used to meet the UAE-headquartered construction giant’s immediate working capital requirements as it completes the first phase of its capital restructuring programme.
This programme will include a capital increase of $136.1m (AED500m) to expedite Tabarak Investment’s entry as a strategic investor, according to a missive issued by DSI to the Dubai Financial Market (DFM).
Later that month, GTCC was awarded a $47m (AED175m) contract by Orion Real Estate Development to build its West Bay residential tower at Dubai’s Business Bay.
Under the terms of the deal, GTCC will carry out the construction, civil engineering, and MEP works, which are scheduled for completion within three years.