29 November 2016
Major Dubai-based construction firm Arabtec Holding on Tuesday announced Hamish Tyrwhitt has been appointed its new chief executive officer, but who is the new head of one of the United Arab Emirates’ most high profile listed companies?
Tyrwhitt worked for 27 years at international construction firm Leighton Holdings Ltd., holding various positions in Australia and in Asia before being appointed CEO from 2011 to 2014. Read more here
He became CEO of Asia Resources Minerals, an Indonesian coal mining company listed in London, in March 2015.
In April last year, he was appointed CEO of Depa Group and he will retain the position at the interiors firm while at Arabtec.
Depa will become one of Arabtec's preferred partners, Reuters reported, citing a source at Depa.
Announcing the appointment, Mohamed Al Rumaithi, chairman of Arabtec, said: "Hamish has a distinguished career in the construction industry. He has the experience necessary for Arabtec to further strengthen the company’s strategic and financial positioning and achieve its full growth potential. We are confident that Hamish’s leadership will allow Arabtec to move forward to a successful and sustainable future." Read more here
Tyrwhitt added: "Fundamentally Arabtec is a strong company with a great track record of achievements stretching back over the past 40 years. I am looking forward to taking the company forward and capitalizing on the many opportunities available to the Arabtec Group."
Arabtec generated revenues of 6 billion dirhams ($1.6 billion) in the first nine months of 2016, an increase of 17 percent over the same period last year.
While it has a backlog of current and future projects worth 20 billion dirhams, it has reported eight consecutive quarterly losses. Earlier this year, it hired restructuring advisory firm AlixPartners to help it strengthen its capital structure and reform its business.
Construction companies have been struggling with a difficult industry environment as Gulf economies slow and governments restrain spending because of low oil prices, leading to projects halted and payments being delayed. Read more here
© Express 2016