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Tue 19 Feb 2019 11:48 AM

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Drake & Scull appoints new execs to oversee ongoing restructuring

The loss-making engineering and construction services contractor continues its rebuilding process to return DSI to profitability

Drake & Scull appoints new execs to oversee ongoing restructuring
The company appointed Tawfiq Abu Soud, a former managing director of its mechanical, electrical, and plumbing (MEP), and water and power businesses, as its newest CEO last month, just over a month after his predecessor, Yousef Al Mulla resigned.

Dubai’s Drake & Scull International (DSI) has hired three senior executives to help deliver its ongoing turnaround strategy.

The loss-making engineering and construction services contractor appointed Khaled Jarrar as group chief financial officer and Mohamed Ghanem as chief legal officer and Mike Grant as the chief restructuring officer as the company continues its rebuilding process to return DSI to profitability.

DSI’s board of directors added that its ‘Restructuring Committee’, chaired by Obaid Bin Touq (chairman of the board of directors), will also include Khamis Buamim, Ahmad Kilani and Tawfiq Abu Soud (group CEO).

Bin Touq said DSI’s board of directors have focused on rebuilding the company’s leadership management team with industry professionals who have experience within the sector.

“We believe that these appointments will provide a vital impetus to the company’s ongoing restructuring aims and at the same time support our efforts to put in place a turnaround strategy that will provide a stable platform for the future,” Bin Touq said.

He added that the company is working with the relevant government authorities to obtain the necessary approvals so as to be in a position to brief its shareholders on the restructuring plans at the upcoming general assembly meeting.

“Once we have obtained the requisite formal approvals, we will be able to engage with the various stakeholders whose support will be essential in delivering our turnaround strategy,” he added.

DSI has been involved in an ongoing restricting plan since 2016 that has involved focusing on core markets, while scaling down operations and non-performing business streams.

In November, DSI announced a net loss of $135.58 million in the third quarter of the year, which it said was largely due to a restructuring effort that has seen it hand over its legacy projects.

The company appointed Tawfiq Abu Soud, a former managing director of its mechanical, electrical, and plumbing (MEP), and water and power businesses, as its newest CEO last month, just over a month after his predecessor, Yousef Al Mulla resigned.

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