Dubai's loss-hit DSI creates four-strong restructure committee
New group CEO Yousef Al Mulla will sit on the restructuring committee
Dubai-listed loss-making contractor Drake & Scull International (DSI) has formed a four-member committee to manage the next phase of a long-running attempt to restructure the firm and return it to profitability.
DSI's four-member restructuring committee features Yousef Al Mulla, the new group chief executive officer of DSI. He was appointed in August after the company said it would embark upon a “fresh” restructuring programme.
Al Mulla is joined on the committee by three DSI board members: Khamis Buamim, Ahmad Kilani, and Obaid Al Marri.
The creation of the committee comes after the contractor's board of directors reached an agreement in October not to dissolve the business. This decision followed the firm suggesting that its dissolution was a topic of consideration, but in a missive issued to Dubai Financial Market on 12 September 2018, Feras Kalthoum, chief restructuring officer at DSI, said the item was "a mere legal requirement".
The next phase of the company's years-long restructuring plan will see it scale down operations in certain markets and non-performing business areas to divert more attention and money to core markets and profitable business streams.
It is unclear how long this plan will take or if any jobs will be at risk.