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Dubai-listed builder DSI's board chairman Obaid Bin Touq resigns

Khamis Buamim has also resigned from the loss-hit firm's board, weeks after the contracting firm fired its CEO, CFO, and CLO

DSI's board chairman Obaid Bin Touq has resigned.
© Drake & Scull International
DSI's board chairman Obaid Bin Touq has resigned.

Obaid Khadim Bin Touq Al Marri has resigned as chairman of the board of directors at Dubai-listed contractor Drake & Scull International (DSI), marking the latest in a string of high-profile exits at the loss-making construction company, which faces an investigation by UAE regulator Emirates Securities and Commodities Authority.

According to a filing on Dubai Financial Market, Khamis Buamim also resigned as DSI board member.

Reasons for both of their exits from the DSI board were not given in the bourse filing.

The bourse missive read: “The board thanks them for their efforts during the tenure of their membership and [DSI] would like to confirm that the [board] will elect new members soon.”

Bin Touq became chairman of DSI’s board in December 2018 after members agreed to replace Abdulla Atatreh as chair.

His departure comes amid a flurry of high-profile exits as the company’s loss-making trend continues.

In April, DSI fired chief executive officer, Tawfiq Abu Soud, four months after he was appointed to the job.

Chief financial officer, Khaled Jarrar and chief legal officer, Mohamad Ghanem, were also laid off following a board meeting on 24 April.

DSI confirmed reports earlier this week that UAE’s main financial regulator is reportedly setting up a committee to investigate the finances.

The committee, according to Gulf News, will reportedly scrutinise decisions taken by the firm’s management – past and present – and work with external auditors.

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Jun 15, 2019