Dubai's Drake & Scull names new CEO, CFO

Contractor says new executive team to 'lead company at this important stage'

An investor uses his mobile phone at the Dubai Financial Market.

An investor uses his mobile phone at the Dubai Financial Market.

REUTERS/Mosab Omar

Dubai construction firm Drake & Scull has confirmed it has hired a new executive team as it navigates through one of the most turbulent periods in modern history.

The contracting company said on Monday that it has appointed Munir Mansour as the new chief executive officer (CEO) and Peter Lalor as chief financial officer (CFO).

Drake & Scull had incurred losses for years after a decline in oil prices in 2014. It reported a net profit of 262 million UAE dirhams in 2019, an improvement from the 4.9 billion loss it posted a year earlier.

New executives

In a statement to the Dubai Financial Market (DFM) on Monday, the contractor said Mansour has more than four decades of experience in the industrial and contracting industry in the UAE.

The new CEO had previously served as managing director of Tarimanas Group for more than 15 years and prior to that as general manager of Emirates Glass. He had also served as a board member in Emirates Glass and Emirates Aluminum, a Dubai Investment Group subsidiary.

The company’s new CFO, which has been in the Middle East for the last 14 years, has significant experience in corporate strategy, finance, legal and commercial management in a variety of sectors, including infrastructure, construction, engineering and manufacturing.

According to Shafiq Abdul Hamid, chairman of the board of directors, the appointment of the new executive team is very timely as the company seeks to wrap up the organisation and financial reorganisation plan.

“We are confident that their extensive experience and highly relevant skillsets will enable us to re-establish DSI as a leading MEP contractor in the region,” the chairman said.

(Writing by Cleofe Maceda; editing by Seban Scaria)

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© ZAWYA 2020

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