UAE family conglomerate Al Jaber hires new chief executive

The groups main business is construction but also has interests in areas from retail to aviation.

Embattled Abu Dhabi family-owned conglomerate Al Jaber Group on Wednesday said it appointed Panicos Euripides as its new chief executive.

The statement didn’t give Mr Euripides’ previous role, although his LinkedIn page states he was chief executive of Dubai-based ETA-Ascon Construction.

Mr Euripides replaces David Nelson, who left Al Jaber in January this year.

The group, whose main business is construction but also has interests in areas from retail to aviation, in August appointed Ala Khannak as its new chief financial officer.

Al Jaber has struggled in recent years with its debt burden after borrowing heavily to fuel its expansion. It sealed a drawn-out debt restructuring agreement in June 2014 but sources told Reuters in July this year it was talking to its banks once again about revising the terms.

business@thenational.ae

Follow The National's Business section on Twitter