By Gavin Gibbon
Boyd Merrett will be replaced in the interim by recently appointed group COO Wail Farsakh
Boyd Merrett has resigned as chief executive officer of Arabtec Construction.
Merrett had been in the position since July 2017 and will be replaced “until further notice” by Wail Farsakh, the former general manager of Dutco Balfour Beatty, who was only appointed group chief operating officer last month.
It comes following the departure of former group CEO Hamish Tyrwhitt, who stepped down from his position in May, with Peter Pollard, group chief financial officer, assuming the role of temporary CEO.
Arabtec, which is Dubai’s largest listed construction firm, recorded a net profit of AED58 million ($15.8m) on revenue of AED4.2 billion ($1.14bn) for the first half of 2019.
The company said total revenue declined by 12.4 percent and net profit fell by 48.8 percent compared to the same period last year.
Arabtec added that its backlog remained strong at AED14 billion ($3.8bn) despite a decline in new awards during the first half of 2019.
In August Arabtec Construction was awarded a AED298m (Egyptian pound 1.346bn) contract by Emaar Misr for the construction of Celesta Hills; Phases 2 and 3 comprising 179 units and external works.
While most recently, Arabtec Holding revealed that it is in talks over a possible merger of its construction business with Trojan Holding.
Arabtec said in a filing to Dubai Financial Market that it has commenced a review of the possibility of a merger with the Abu Dhabi-based construction firm.For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.