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Thu 29 Mar 2018 03:31 PM

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Dubai contracting giant Drake appoints new CEO

Dr Fadi Feghali is promoted to oversee all aspects of strategy and business implementation

Dubai contracting giant Drake appoints new CEO

Dubai-based contracting giant Drake & Scull International (DSI) on Thursday announced the appointment of Dr Fadi Feghali as the Group CEO.

Fenghali currently manages DSI’s international business units since joining the company in October and he will be overseeing all aspects of strategy and business implementation for the global DSI Group of companies in his new role, the company said in a statement.

It added that Fenghali has over 30 years of experience in the management and development of multinational companies and mega projects.

Abdulla Atatreh, chairman of DSI, said: “We are pleased to have Dr Fadi Feghali as the Group Chief Executive Officer for DSI. He is an esteemed expert in the EPC sector and has a stellar track record of leading the operations for complex and largescale engineering projects in the region.

"We believe that our comprehensive organizational overhaul and structural reforms have reached a significant milestone with the appointment of Dr Fadi Feghali.

"His performance driven vision, global experience, and business acumen will prove vital for DSI and we are confident that under his leadership, the company will tap into its vast potential of historic legacy and regional presence and leverage them to create a sustainable pipeline of growth-oriented outcomes.” 

Fenghali said: “I am enthusiastic about the opportunities to build upon our base of engineering skills, global experience, and the region’s most talented and motivated workforce, as we aim to deliver improved results and generate value for our investors and partners.”

On Wednesday, the company announced plans to issue a sukuk convertible into equity during the second quarter of 2018.

The company's board approved plans for the issuance of convertible sukuk with an indicative value of at least AED450 million ($122.5 million).

In January, the Dubai-based contracting giant announced that it has successfully completed the restructuring of its corporate general bank debt in the UAE.

The company said that it has also secured new credit lines and working capital facilities for its ongoing and new projects portfolio.

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