Drake & Scull's management shakeup follows a second-quarter loss. Rich-Joseph Facun / The National
Drake & Scull's management shakeup follows a second-quarter loss. Rich-Joseph Facun / The National

Drake & Scull makes management changes as part of restructuring



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.

_______________

Read more:

_______________

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.

EMIRATES'S REVISED A350 DEPLOYMENT SCHEDULE

Edinburgh: November 4 (unchanged)

Bahrain: November 15 (from September 15); second daily service from January 1

Kuwait: November 15 (from September 16)

Mumbai: January 1 (from October 27)

Ahmedabad: January 1 (from October 27)

Colombo: January 2 (from January 1)

Muscat: March 1 (from December 1)

Lyon: March 1 (from December 1)

Bologna: March 1 (from December 1)

Source: Emirates

Herc's Adventures

Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5

Opening Premier League fixtures, August 14
  • Brentford v Arsenal
  • Burnley v Brighton
  • Chelsea v Crystal Palace
  • Everton v Southampton
  • Leicester City v Wolves
  • Manchester United v Leeds United
  • Newcastle United v West Ham United
  • Norwich City v Liverpool
  • Tottenham v Manchester City
  • Watford v Aston Villa
Two products to make at home

Toilet cleaner

1 cup baking soda 

1 cup castile soap

10-20 drops of lemon essential oil (or another oil of your choice) 

Method:

1. Mix the baking soda and castile soap until you get a nice consistency.

2. Add the essential oil to the mix.

Air Freshener

100ml water 

5 drops of the essential oil of your choice (note: lavender is a nice one for this) 

Method:

1. Add water and oil to spray bottle to store.

2. Shake well before use. 

COMPANY PROFILE

Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others

Company Profile

Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8

Company Profile

Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Most polluted cities in the Middle East

1. Baghdad, Iraq
2. Manama, Bahrain
3. Dhahran, Saudi Arabia
4. Kuwait City, Kuwait
5. Ras Al Khaimah, UAE
6. Ash Shihaniyah, Qatar
7. Abu Dhabi, UAE
8. Cairo, Egypt
9. Riyadh, Saudi Arabia
10. Dubai, UAE

Source: 2022 World Air Quality Report

MOST POLLUTED COUNTRIES IN THE WORLD

1. Chad
2. Iraq
3. Pakistan
4. Bahrain
5. Bangladesh
6. Burkina Faso
7. Kuwait
8. India
9. Egypt
10. Tajikistan

Source: 2022 World Air Quality Report

The years Ramadan fell in May

1987

1954

1921

1888


Energy This Week

Expert analysis on oil & gas renewables and clean energy

      By signing up, I agree to The National's privacy policy
      Energy This Week