Press Releases

Year

Quarter

14-03-2019 Invitation for the General Assembly 2019

27-02-2019 Notification from Company

26-02-2019 Board of Directors Meeting Announcement

19-02-2019 DSI announces the appointments of Chief Financial Officer, Chief Legal Officer and Chief Restructuring Officer

Dubai, UAE – 19 February 2019 – Drake & Scull International PJSC (DSI) a regional leader in engineering and construction services, today announced the appointment of Mr. Khaled Jarrar as Group Chief Financial Officer, Mr. Mohamed Ghanem as Chief Legal Officer and Mr. Mike Grant as the Chief Restructuring Officer.

The Board of Directors also announced that going forward the Restructuring Committee would be chaired by Mr. Obaid Bin Touq (Chairman of the Board of Directors), with the Restructuring Committee members being, Mr. Khamis Buamim, Mr. Ahmad Kilani and Mr. Tawfiq Abu Soud (Group CEO).

Mr. Bin Touq stated: “The Board of Directors have focused on rebuilding DSI’s leadership management team with industry professionals who have experience within the sector and with the company, and have entrusted Mr. Tawfiq Abu Soud to lead the leadership team. We believe that these appointments will provide a vital impetus to the company’s ongoing restructuring aims and at the same time support our efforts to put in place a turnaround strategy that will provide a stable platform for the future. The company is working with the relevant government authorities to obtain the necessary approvals so as to be in a position to brief our Shareholders on the restructuring plans at the upcoming General Assembly Meeting.”

 “Once we have obtained the requisite formal approvals, we will be able to engage with the various stakeholders whose support will be essential in delivering our turnaround strategy”, he concluded.

Mr. Jarrar is a veteran of corporate finance and accounting and led DSI’s historic IPO efforts as the CFO in 2007/08 and has nearly 30 years’ International experience. Prior to rejoining DSI, he served as the CFO for Al Jaber engineering (based in Qatar), AlNasr Contracting, ABC Imaging, and worked with Arthur Andersen previously. He holds a Sloan Masters in Leadership and Strategy from the London Business School, as well a Bachelors of Business Administration in Accounting from the Cleveland State University.

 

Mr. Ghanem is an experienced law professional with over 15 years of experience in Legal Consultancy, Litigation support, Statutory & Regulatory Compliance. He has led the legal function of well-established organizations such as Damac Properties. He has significant experience in the Construction, Engineering and Real-estate industries having managed numerous arbitrations and legal cases relating to commercial disputes and joint ventures. He holds an MBA from Alexandria University, he is currently a lecturer at the Faculty of Law of Alexandria University and currently serves as legal advisor and lecturer at the Dubai Real Estate Institute.

 

Mr. Grant has extensive experience in the corporate restructuring arena for over 30 years and has led some of the largest and most complex restructuring projects internationally. Prior to his appointment at DSI, he led/coordinated the restructuring efforts of prominent firms in the MENA region, including Al Jaber Contracting (UAE), Energy City (Qatar) and the Investment Dar (Kuwait).

 

Mr. Grant has a first degree in Civil Engineering, is a qualified Civil Engineer and holds an MBA, specialising in Finance, from London’s Cass Business School. He has also completed the Advanced Management Programme at Harvard Business School. He is a Chartered Engineer, a Fellow of the UK Institution of Civil Engineers, a Fellow of the UK Association of Corporate Treasurers and a Member of the UK Institute for Turnaround.





18-02-2019 Notification from Company

13-02-2019 Board of Directors Meeting Announcement

11-02-2019 BOD Meeting Results

05-02-2019 Board of Directors Meeting Announcement

30-01-2019 DSI appoints Tawfiq Abu Soud as Group CEO

[Dubai, UAE – 29 January 2019] – Drake & Scull International PJSC (“DSI” or the “Company”), a regional leader in engineering and construction services, today announced that its Board of Directors has appointed Mr. Tawfiq Abu Soud as the Group CEO for the company, effective 23 January 2019. Mr. Abu Soud will assume the responsibility of leading DSI’s operations from his predecessor Mr. Yousef Al Mulla.

Mr. Abu Soud has a stellar record of accomplishment of inspirational leadership and has more than 35 years’ experience in delivering consistent results, leading global business expansion, and securing robust business pipelines. He has previously served CEO for ADC Energy Systems, CEO for Arabtec Subsidiaries, Managing Director for DSI’s MEP and Water and Power subsidiaries, and as the Operations Director for Manco LLC. He holds an MBA from the University of Hull, and is a certified Mechanical Engineer (Southern Illinois University). He also holds certifications in Quality Assurance from the British AQMC Council and Martin & Martin, as well as Project Management for Engineers from ASCME, and Management Institute in California.

The Company is also concurrently coordinating with the external advisors and the Securities and Commodities Authority to call for a General Assembly Meeting in February 2019 to approve its organizational restructuring program.