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Fri 13 May 2016 12:05 AM

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Dubai's Drake appoints new senior execs to face market challenges

Contracting giant names new chief operating officer and chief financial officer as company seeks fiscal consolidation

Dubai's Drake appoints new senior execs to face market challenges

Dubai-based Drake & Scull International has announced the appointment of two senior executives as the company seeks to overcome challenging market conditions.

Wael Allan has been appointed as the group’s new chief operating officer while Kailash Sadangi has been named chief financial officer with immediate effect, the contracting giant said in a statement.

Both will report directly to Khaldoun Tabari, CEO and vice-chairman of Drake & Scull International.

The company said the appointments reflect DSI’s "strategic initiatives and operational focus in light of the challenging market conditions across the region".

It added that the new management structure is expected to enhance DSI’s efforts to continue its fiscal consolidation, operating discipline and costs rationalisation drive while pursuing high margin, low risk growth in key markets across MENA.

Allan was previously CEO for Arcadis Middle East while Sadangi was CFO for Saudi-based Al-Khodari Sons Company.

In February, DSI posted a substantial jump in its fourth-quarter net profit, with the contractor's earnings aided by higher revenue despite a slowdown in the regional construction sector.

It posted a net profit of 14.7 million dirhams ($4 million) in the three months to December 31, compared with a profit of 3.8 million dirhams ($1 million) in the year-earlier period.

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