Engineering and construction services Drake & Scull International PJSC (DSI) has appointed Khaled Jarrar as group CFO, Mohamed Ghanem as chief legal officer and Mike Grant as the chief restructuring officer.
The Board of Directors also announced that going forward the ‘restructuring committee’ will be chaired by Obaid Bin Touq (chairman of the Board of Directors), with the restructuring committee members comprising of Khamis Buamim, Ahmad Kilani and Tawfiq Abu Soud (group CEO).
Bin Touq stated: “The Board of Directors have focused on rebuilding DSI’s leadership management team with industry professionals who have experience within the sector and with the company and have entrusted Tawfiq Abu Soud to lead the leadership team.
“We believe that these appointments will provide a vital impetus to the company’s ongoing restructuring aims and at the same time support our efforts to put in place a turnaround strategy that will provide a stable platform for the future. The company is working with the relevant government authorities to obtain the necessary approvals so as to be in a position to brief our Shareholders on the restructuring plans at the upcoming General Assembly Meeting.”
“Once we have obtained the requisite formal approvals, we will be able to engage with the various stakeholders whose support will be essential in delivering our turnaround strategy”, he concluded.
Jarrar is a veteran of corporate finance and accounting and led DSI’s historic IPO efforts as the CFO in 2007/08 and has nearly 30 years’ international experience.
Prior to rejoining DSI, he served as the CFO for Al Jaber engineering, AlNasr Contracting, ABC Imaging, and worked with Arthur Andersen previously.
Ghanem is an experienced law professional with over 15 years of experience in legal consultancy, litigation support, statutory and regulatory compliance.
He has led the legal function of organisations such as Damac Properties.
Finally, Grant has extensive experience in the corporate restructuring arena for over 30 years and has led some of the largest and most complex restructuring projects internationally.