GulfBase Live Support
Drake & Scull International (DSI) has made a series of appointments and management changes as the Dubai-based contractor pursues a capital restructuring programme.
DSI hired Ziad Makhzoumi, a former chief financial officer of builder Arabtec and an ex-chief executive of Fakih IVF, as an advisor to its Board of Directors, the company said on Monday.
Other senior appointments and changes include appointing Muin El Saleh, previously the chief executive of Makkah & Madinah Holdings, as the new managing director of the company’s UAE operations; Fadi Feghali, the former managing director of Al Husam Group, now is DSI’s new managing director for international operations; Musa Ibrahim, the former general counsel of Tabarak Investment, is now group chief legal officer; Ismail Mohammad has been appointed as the deputy general manager of DSI unit GTCC in the UAE, and Saher Ghazi Kamal, has been appointed as acting managing director for Saudi Arabia.
DSI's board of directors decided in August to end the tenure of Wael Allan as the chief executive, a post he assumed in October after the long-standing chief executive Khaldoun Tabari stepped down.
The company's net loss attributable to equity owners in the three months ending in June narrowed to Dh182.7 million compared with Dh207.6m in the year-earlier period, but still missed analyst forecasts. The net loss brings the company’s accumulated losses to Dh1.89 billion as of June 30.
Revenue fell 18 per cent to Dh660.3m from Dh805.5m a year earlier. The company made Dh68m in one-off provisions and impairment charges in the second quarter.
Under the capital restructuring programme, the company is proposing to write off 75 per cent of its shares to extinguish losses of Dh1.71bn, followed by a Dh500m capital injection by Tabarak Investments, currently the biggest investor in DSI and which is likely to own around 50 per cent of the company after the restructuring.
Drake & Scull International, a regional leader in engineering and construction services, has achieved an overall net profit of Dh7 million ($1.9 million) for the first quarter, compared to the net lo
Shares of the Drake & Scull International on Wednesday slumped more than 9.4 per cent as investors continued to sell the stock after shareholders' proposal to raise capital through a convertible debt
Shareholders of Drake and Scull International (DSI) submitted a request to increase the company’s capital by Dh500 million by issuing new shares with a minimum value of Dh1.25 per share.
JULPHAR, one of the largest pharmaceutical manufacturers in the Middle East and Africa, announced its first quarter 2018 financial results. The Ras Al Khaima company reported first quarter 2018 sales
FOR the sixth time in its 10-year history, Alinma Bank has been named the fastest growing bank in Saudi Arabia. This most recent accolade was bestowed upon the bank by Banker Middle East magazine at
Union Properties shareholders approved the developer's plans to shore up its finances through the issuance of up to Dh1 billion in sukuk and increase the company’s foreign ownership limit, as the fir
Ezdan Real Estate and Ezdan Mall Companies, the two subsidiaries of Ezdan Holding Group, have been awarded ISO 9001:2015 certification. The internationally recognised certification is in different do
Bank Sohar announced the appointment of Ahmed Al Musalmi as the new Chief Executive Officer with effect from May 20, 2018 taking over from Sasi Kumar who is leaving the bank after having served over
Times of Oman