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Tue 9 Jul 2019 01:52 PM

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Dubai's Arabtec appoints acting CFO amid turnaround efforts

Adel Al Wahedi joins Dubai contracting giant Arabtec from Abu Dhabi Ports Company

Dubai's Arabtec appoints acting CFO amid turnaround efforts

Dubai-based contracting giant Arabtec Holding has appointed Adel Al Wahedi as acting group chief financial officer (CFO).

He takes over from Peter Pollard who became acting company CEO in May following the resignation of Hamish Tyrwhitt.

With 21 years’ experience, Al Wahedi joins from Abu Dhabi Ports Company where he drove a major turnaround in the company’s financial performance over the last six years. Prior to that, he was the CFO of Petrofac Emirates, Mubadala Petroleum and the deputy CFO of Etisalat Misr, a subsidiary of Etisalat UAE.

Pollard said: “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, KSA, Egypt, Bahrain and Kuwait to create value for our stakeholders.”

Arabtec Holding recorded a net profit of AED31.8 million for Q1 this year, down from AED63m a year earlier, which at the time was its highest quarterly profit since Q3 2014.

Revenue totalled AED2 billion for the first quarter of 2019 while the group’s backlog stood at AED14.8bn.

Tyrwhitt stepped down from his role in May.

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