Drake and Scull International confirms resignation of board member

Drake and Scull International confirms resignation of board member
Mansoor Almheiri has resigned from the board of directors of Dubai-listed firm DSI.
Published: 28 February 2019 - 5 a.m.
By: Jack Ball

Drake and Scull International (DSI) has lost a board of director in the same month as the Dubai Financial Market-listed (DFM) construction company hired various C-level specialists to spur a turnaround in fortunes.

DSI announced the resignation of Mansoor Almheiri in a missive to DFM, and confirmed that a replacement would be elected in the upcoming board meeting.

Additional details of the potential replacement have yet to be revealed, and DSI was unavailable for comment at the time of publication.

According to a board member profile posted on DSI's website, Almheiri is the chief executive officer of HMZ Holdings, a commercial entity founded by HH Sheikh Hamdan Bin Mohammad Bin Zayed Bin Sultan Al Nahyan, who also serves as its chairman.

The contractor describes Almheiri as "a lifelong close advisor to His Highness", adding that his work at HMZ Holdings has included the incorporation of companies in the waste, artificial intelligence, construction, oil and gas, and healthcare sectors.

Almheiri's resignation comes less than 10 days after DSI filled three C-level executive jobs in a bid to boost profitability, successfully complete its turnaround, and deliver its pipeline of engineering projects in the region.

Mike Grant joined the firm as chief restructuring officer, with Khaled Al Jarrar joining as the group’s chief financial officer, the latter boasting 30 years’ international work experience.

Joining Jarrar in the latest round of DSI’s jobs was Mohamed Ghanem as chief legal officer. Ghanem has 15 years of experience in legal consultancy, litigation, and statutory and regulatory compliance, and has previously worked with Damac Properties.

 

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