By Staff writer
Hamish Tyrwhitt replaces acting CEO Saeed Mohamed Al Mehairbi
Arabtec Holding has appointed a former Leighton Holdings chief as its new group CEO.
Arabtec's board approved the appointment of Hamish Tyrwhitt as its new CEO, replacing the acting CEO Saeed Mohamed Al Mehairbi.
Tyrwhitt will retain his current role as CEO of fit-out contractor Depa, Arabtec said.
Shares in the Dubai-listed construction firm climbed 3.1 percent following the announcement.
Tyrwhitt, described by Arabtec as a ‘construction industry heavyweight’, was CEO of leading Australian construction contractor Leighton Holdings from 2011 to 2014.
"Hamish has a distinguished career in the construction industry,” said Mohamed Al Rumaithi, chairman of Arabtec.
“He has the experience necessary for Arabtec to further strengthen the company’s strategic and financial positioning and achieve its full growth potential. We are confident that Hamish’s leadership will allow Arabtec to move forward to a successful and sustainable future."
Tyrwhitt said Arabtec’s strong record in the industry gives plenty of opportunity for growth.
"Fundamentally Arabtec is a strong company with a great track record of achievements stretching back over the past 40 years,” Tyrwhitt said.
“I am looking forward to taking the company forward and capitalising on the many opportunities available to the Arabtec Group."
Al Rumaithi said acting CEO Saeed Al Mehairbi, who will remain as director on the board, “guided Arabtec successfully through the tough environment that has affected the construction industry”.
Arabtec Holding, group is implementing a series of restructuring and cost reduction initiative, comprises nine principle subsidiary companies in the construction, engineering and steel industries.
Arabtec reduced losses in the third quarter, though it could not avoid an eighth consecutive quarterly loss, as it grappled with the financial impact of discontinued operations in Saudi Arabia.
It generated revenues of AED 6 billion ($1.6bn) in the first nine months of 2016, an increase of 17% over the same period last year. The company has also reported revenues of AED 2 billion ($544m) in the third quarter of this year, a 25% rise compared to the same period last year. Arabtec’s backlog of current and future projects stands at AED 20 billion ($5bn).