2020 CW Power 100: Arabtec's Wail Farsakh secures top 25 spot
Farsakh was recognised for being promoted to Group CEO in just eight months
Despite only being appointed as Group CEO in April 2020, Arabtec’s new boss Wail Farsakh deserves credit in this year’s Power 100 list after being promoted from group chief operating officer in just eight months.
In the past eight months, Arabtec said considerable progress had been made by Farsakh in closing out legacy projects, strengthening line and project management and closely aligning the group’s construction related businesses
Farsakh has more than 33 years’ of experience in the UAE, having begun his career as a structural engineer.
Although the business confirmed a net loss of $211m (AED774m) in its financial results as of 31 December 2019, Farsakh seems like the right person to turn the firm’s fortunes around.
In terms of project wins, Arabtec bagged a construction contract worth $99.6m (AED366m) for Greek Village, developed by Egyptian Exchange-listed Emaar Misr in November 2019 and its fully-owned subsidiary Target Engineering had been awarded two projects valued at $57.2m (AED210m).
To view the full 2020 Construction Week Power 100 ranking, then click here.