Drake & Scull International has appointed a new Group CEO less than five months after unveiling its last one.
Yousef Al Mulla will take the helm on August 26, replacing Dr. Fadi Feghali who was announced in the position at the end of March.
Feghali will assume an unspecified new role within the group to be announced in due course.
Al Mulla is an industry veteran who was previously the CEO of Square General Contracting and has served as the managing director for Transemirates Contracting Company.
News of the reshuffle was announced alongside Drake and Scull’s financial statement for the first half of the year.
DSI said the Board is preparing a new restructuring plan that will entail scaling down operations in non-core businesses and non-performing business streams and increasing focus on core markets and profitable business streams.
The plan constitutes an evolution of the ongoing restructuring and recapitalisation efforts that started in 2016 and continued throughout 2017 and 2018.
DSI declared an overall net loss of AED 183mn for the first half of 2018, which it attributed to the performance of subsidiaries in secondary markets primarily in Oman, Qatar, and Jordan, in Q2 2018.
Defaults on projects debt obligations and arrears in the secondary markets also resulted in a significant hike in finance costs and negative margin impacts.
The company attributed the quarterly losses to non-core geographies and affirms that the underlying performance of the UAE market remains relatively stable.