Dubai’s Drake & Scull appoints new execs in restructuring drive

Dubai-listed Drake & Scull International (DSI) has announced the latest in a series of new executive appointments as part of the contractor’s ongoing organizational restructuring, it said in a bourse filing on Sunday.

DSI has appointed Ziad Makhzoumi as an advisor to the Board of Directors. Makhzoumi was the CEO of Fakih IVF prior to joining the company.

Other key appointments and changes include Muin El Saleh, the new managing director of the company’s operations in the United Arab Emirates; Fadi Feghali, managing director for international operations; Musa Ibrahim, group chief legal officer; Ismail Mohammad, deputy general manager of GTCC in the UAE; and Saher Ghazi Kamal, acting managing director for Saudi Arabia.

DSI has been severely affected in recent years by tough market conditions and a slowdown in the region’s construction sector, as governments reined in project and infrastructure spending amid low oil prices.

Currently in the midst of a capital restructuring program, the contractor has reshuffled many key management positions in previous months as it looks to streamline operations and cut costs.

Last month, DSI said it had terminated the services of chief executive officer, Wael Allan, with immediate effect.

The board also approved the resignations of several board members, including that of former executive vice-chairman Khaldoun Al Tabari.

Earlier this month, DSI’s board elected Abdulla Atatreh as the new chairman, while Mohammed Atatreh was appointed as DSI’s new managing director.