Abu Dhabi Ports' ex-CFO Adel Al Wahedi joins Dubai-listed Arabtec
Al Wahedi joins Arabtec as CFO to replace Peter Pollard, who was made acting group CEO two months ago
Adel Al Wahedi has been appointed acting group chief financial officer at UAE contracting giant Arabtec Holding, moving to the Dubai Financial Market-listed company from Abu Dhabi Ports, where he was CFO for the last six years.
The news comes two months after Peter Pollard, who was Arabtec's CFO, took up the role of acting group chief executive officer at the company, following the departure of Hamish Tyrwhitt.
In a statement, Arabtec said Al Wahedi would play an “important role” alongside Pollard to deliver the group’s “strategic priorities”.
Before serving as CFO at Abu Dhabi Ports, Al Wahedi held the same role at Petrofac Emirates and Mubadala Petroleum, serving too as deputy CFO of Etisalat Misr – a subsidiary of Etisalat UAE.
Arabtec’s board of directors said Pollard had been “instrumental in stabilising and preparing the business for growth over the past two years in line with the group’s strategic roadmap”.
On Al Wahedi's appointment, Pollard added: “I look forward to the journey ahead and to delivering on our key strategic priorities over the coming period underpinned by productivity, efficiency, and innovation.
“We will continue to diversify our backlog into infrastructure and industrial sectors with geographic focus on UAE, Saudi Arabia, Egypt, Bahrain, and Kuwait to create value for our stakeholders.”
In its statement, the contractor said it would continue to focus on the collection of legacy receivables, shortening payment cycles, improving working capital, and strengthening its balance sheet this year.
Its plans include “debt refinancing to provide a sustainable platform for Arabtec’s future growth”.