UAE's Ducab names new CFO as 2018 sales reach $1.3bn
Meshal Al-Naqbi promoted to CFO role days after Dr Ahmad Bin Hassan Al Shaikh is revealed as company's new chairman
Dubai Cable Company (Ducab) has promoted Meshal Al-Naqbi as its chief financial officer, days after the company – jointly owned by Investment Corporation of Dubai and Abu Dhabi General Holding Corp (Senaat) – named a new chairman and posted 2018 sales worth $1.3bn (AED4.8bn).
Al-Naqbi, who was appointed deputy CFO in 2016, will replace Arif Choksy, who held the CFO role for more than a decade.
Commenting on Al-Naqbi’s appointment, Dr Ahmad Bin Hassan Al Shaikh, chairman of Ducab, said: “The board has closely followed Meshal’s career since he joined Ducab in 2016 as part of the company’s active development of Emirati professionals.
“We are delighted to be able to recognise his experience and development with this promotion to CFO.”
Al-Naqbi's previous employers include PwC, Emirates NBD, Ali Mousa and Sons Group, Emirates Nuclear Energy Corporation, the UAE's Central Bank, and Abu Dhabi National Exhibitions Company (Adnec).
A certified public accountant, Al-Naqbi holds an undergraduate degree from American University of Sharjah.
Al-Naqbi’s appointment after Al Shaikh was named chairman at Ducab’s annual general meeting replacing Jamal Salem Al Dhaheri, who served as the chairman from 2017 to 2019.
Ducab's consolidated group sales in 2018 grew by 7% over corresponding 2017 figures, UAE state news agency, Wam, reported on 31 March.
While Oman and Bahrain were Ducab’s strong growth markets within the GCC in 2018, the company also won sales contracts from Egypt, Jordan, Algeria, Australia, Hong Kong, the US, and the UK last year.