Dubai-listed DSI appoints Shafiq Abdelhamid as new chairman

Dubai-listed DSI appoints Shafiq Abdelhamid as new chairman
DSI is a DFM-listed contractor.
Published: 17 June 2019 - 3:50 a.m.
By: Jack Ball

Shafiq Abdelhamid has been appointed chairman of the board of directors at Dubai-listed contractor Drake & Scull International (DSI), weeks after Obaid Khadim Bin Touq Al Marri resigned from the role amid a string of high-profile exits at the loss-making construction company.

According to a filing on Dubai Financial Market, the group confirmed the appointment following a board meeting on 16 June, 2019.

The board also appointed Abdallah Al Matrooshi as a member of the audit committee “to replace the resigned member".

Abdelhamid’s appointment comes six weeks after Al Marri resigned, five months after he himself was appointed to the post in December 2018 after members agreed to replace Abdulla Atatreh as chair.

READ: Dubai-listed contractor DSI hires C-level specialists to spur turnaround

The latest high-profile announcement comes amid a flurry of high-profile exits as the company’s loss-making trend continues.

In April, the contractor fired chief executive officer, Tawfiq Abu Soud, four months after he was appointed to the job.

Chief financial officer, Khaled Jarrar and chief legal officer, Mohamad Ghanem, were also laid off following a board meeting on 24 April.

READ: Dubai's DSI submits 'questionable' project files to UAE investigator

In May, DSI also confirmed reports that UAE’s main financial regulator is reportedly setting up a committee to investigate the finances.

The committee, according to Gulf News, will reportedly scrutinise decisions taken by the firm’s management – past and present – and work with external auditors.

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