Khaldoun Tabari, the longstanding leader of Drake & Scull International is to stand down as chief executive the company said this morning.
Mr Tabari, who bought a majority stake in the UAE based international arm of UK construction company Drake & Scull in 1988 and purchased the remaining stake a few years later before floating the company in 2008 on the DFM, will be replaced by the company’s chief operating officer Wael Allan.
In a statement to the Dubai bourse, DSI said that Mr Allan would assume the new role from October 10, marking “the final phase of a six-month management transition process initiated with his appointment as (COO) in the first half of the year.”
Drake & Scull said that 66-year old Mr Tabari would continue to serve as a non-executive board member, member of the executive committee and vice chairman. He currently owns 8.24 per cent of company shares.
In August DSI announced that it was in the process of changing its leadership structure after the company reported a Dh207.6 million second-quarter loss compared with a Dh10.3m profit for the same period a year earlier as a slowdown in the Middle East construction industry hit DSI hard.
“I believe this is the right time to hand over to Wael Allan and the senior team that will now chart the future course of the company,” Mr Tabari said in a statement to the DFM.
Before his appointment at DSI, Wael Allan worked as chief executive for Arcadis Middle East.
Shares in DSI rose 1.81 per cent in early trading this morning on the news.
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