Drake & Scull appoints new COO in management shakeup

UAE-based contractor Drake & Scull International (DSI) has announced the appointment of Wael Allan as chief operating officer as part of an overhaul of its senior management.

Allan brings 26 years of global management experience to the role. Prior to his appointment at DSI, he served as the CEO for the Middle East operations of Dutch consultancy Arcadis.

Kailash Sadangi, who was appointed as the new chief financial officer, has 25 years of industry experience across the Middle East, Africa and Australia. He previously served as the CFO for Saudi-based contractor Al-Khodari Sons Company.

The appointments are part of a management shake-up amidst “challenging market conditions across the region,” the Dubai-listed firm said in a bourse filing. The new management structure is expected to enhance the contractor’s efforts to continue fiscal consolidation, while pursuing low-risk growth across MENA.

Sadangi replaces Sam Deeb, who was appointed chief financial officer in August last year.

Both Allan and Sadangi will both report directly to Khaldoun Tabari, chief executive and vice-chairman of DSI.

DSI has recently been awarded a QAR 340 million ($93.4 million) contract by Fujita Corporation for the first phase of the Doha Metro depots, and an AED 353.75 million ($96.3 million) contract by Nakheel to build the Circle Mall in Dubai.

Earlier this year, the contractor reported a net loss of AED 936.7 million ($255 million) for fiscal year 2015, compared to a net profit of AED 101 million ($27.5 million) for 2014. The losses were chiefly attributed to ongoing disputes in the UAE and Saudi Arabia.

Write to Jerusha Sequeira at jerusha.s@argaamnews.com