{"id":11962,"date":"2016-05-04T20:17:27","date_gmt":"2016-05-04T13:17:27","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=11962"},"modified":"2016-05-04T18:21:02","modified_gmt":"2016-05-04T11:21:02","slug":"drake-scull-replaces-finance-chief-after-just-eight-months-in-management-shake-up-2","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/drake-scull-replaces-finance-chief-after-just-eight-months-in-management-shake-up-2\/","title":{"rendered":"Drake & Scull replaces finance chief after just eight months in management shake-up"},"content":{"rendered":"


\nDrake & Scull International (DSI) has replaced its chief fin\u00adancial officer after just eight months in the role, and has also brought in the former head of Arcadis’s Middle East operations to the new post of chief operating officer.The Dubai-based contractor said that Kailash Sadangi has been appointed as chief fin\u00adancial officer, replacing Sam Deeb, whose appointment in the same role was only announced last October. He had joined following a spell at Abu Dhabi-based Al Jaber Group, where he had been suspended from his post since April 2015, pending a disciplinary hearing, according to a statement issued by the firm at the time.His successor, Mr Sadangi, had previously worked at the listed Saudi Arabian contracting company Al Khodari & Sons for four years, and before that had been the regional finance chief for the construction crane company Terex. Wael Allan, meanwhile, had been the regional chairman and global chief operating officer for the construction consultancy Hyder, and following its takeover by Arcadis in October 2014 he was made Middle East chief executive in February 2015 – a position he held for a year until he was replaced by Graham Reid earlier this year. The chief operating officer role he is undertaking at DSI is a newly-created position.A spokesman declined to comment on either of the new appointments, stating only that a new management team had been put in place “in light of what has been happening in the region”.In a statement to the Dubai Financial Market, the company said that its new management structure “is expected to enhance DSI’s efforts to continue its fiscal consolidation, operating discipline and costs rationalisation drive”.DSI declared a net loss of Dh936 million in 2015, compared to a profit of Dh100.7m in the previous year. The loss was blamed on the fact that it had to make provisions of Dh984m in the third quarter of 2015 – a significant proportion of which was owing to a contractual dispute in Saudi Arabia. Revenue was also 11 per cent lower at Dh4.2 billion.In a statement accompanying its annual report, the company’s chief executive Khaldoun Tabari said 2015 had been “one of DSI’s toughest years since our historic IPO [in 2008], during which we undertook certain exceptional methods to ensure feasible business continuity”.He added that it would concentrate on higher-margin business in MEP, oil & gas, rail and water treatment in 2016. Notes to the accounts showed that it has put assets with a book value of Dh450m up for sale, including its share in a joint venture project that was aimed at diversification, its share in a project in Saudi Arabia and a development property. The company said that it expects to complete the sale of these by the end of June.mfahy@thenational.aeFollow The National’s Business section on Twitter
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\nSource : thenational.ae
\nRead more…Drake & Scull replaces finance chief after just eight months in management shake-up<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Drake & Scull International (DSI) has replaced its chief fin\u00adancial officer after just eight months...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-11962","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-36W","jetpack-related-posts":[{"id":11956,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/drake-scull-replaces-finance-chief-after-just-eight-months-in-management-shake-up\/","url_meta":{"origin":11962,"position":0},"title":"Drake & Scull replaces finance chief after just eight months in management shake-up","date":"May 4, 2016","format":false,"excerpt":"\r Drake & Scull International (DSI) has replaced its chief financial officer after just eight months in the role, and brought in the former head of Arcadis's Middle East operations to the new post of chief operating officer.The Dubai-based contractor said that Kailash Sadangi has been appointed as chief financial\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":23821,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubais-drake-scull-says-it-has-not-hired-adviser-to-seek-investment\/","url_meta":{"origin":11962,"position":1},"title":"Dubai's Drake & Scull says it has not hired adviser to seek investment","date":"August 24, 2016","format":false,"excerpt":"\r Dubai-listed builder Drake & Scull International has not hired a legal adviser to help to bring a strategic investor into the company, it said on Wednesday.\"The company denies the appointment of any legal adviser in connection with bringing in a strategic investor or issuance of mandatory convertible bonds,\" the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":57752,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/drake-scull-appoints-acting-finance-head\/","url_meta":{"origin":11962,"position":2},"title":"Drake & Scull appoints acting finance head","date":"June 13, 2017","format":false,"excerpt":"\r Dubai-based contractor Drake & Scull International (DSI) said on Tuesday it has appointed a new acting chief financial officer to assist with its capital restructuring and ongoing negotiations with its lenders. The company has hired Feras Kalthoum as its acting chief fin\u00adancial officer, with immediate effect.Mr Kalthoum has more\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":23687,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/drake-scull-international-shares-fall-sharply-in-dubai-as-it-reviews-business-activities\/","url_meta":{"origin":11962,"position":3},"title":"Drake & Scull International shares fall sharply in Dubai as it reviews business activities","date":"August 23, 2016","format":false,"excerpt":"\r Shares in Drake & Scull International (DSI) opened sharply lower on Tuesday morning, after the construction firm said it was reviewing business activities and seeking strategic investors after slipping into the red during the second quarter.DSI shares opened more than 2 per cent lower, after Reuters reported that the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":29341,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/drake-scull-appoints-new-chief-executive\/","url_meta":{"origin":11962,"position":4},"title":"Drake & Scull appoints new chief executive","date":"October 10, 2016","format":false,"excerpt":"\r 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\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":58284,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/qatar-border-closures-have-had-no-impact-on-business-drake-scull-chief-says\/","url_meta":{"origin":11962,"position":5},"title":"Qatar border closures have had 'no impact' on business, Drake & Scull chief says","date":"June 18, 2017","format":false,"excerpt":"\r The severing of air, land and sea links between Qatar and three Arabian Gulf countries have had \"no impact\" on Drake & Scull International's operations in the country so far, its chief executive, Wael Allan said on Sunday.\"We have projects there that are finishing. We don't have anything in\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/11962"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=11962"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/11962\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=11962"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=11962"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=11962"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}