The chief executive of Abu Dhabi Ship Building will leave the company at the end of the month, after a year in which the market value of the government-controlled shipyard dropped by a third on heavy losses.
Mohamad Salem Al Junaibi will retire from his post after exactly two years at the helm of ADSB, the company said in a filing to the Abu Dhabi bourse. The share price went into tailspin on the news, dropping by 6.67 per cent to 98 fils. Shares had sold for Dh1.51 at the beginning of last year.
"The board of directors reluctantly accepted the request by Mohamed Salem Al Junaibi to retire from ADSB with effect from 31st December 2012," the company said.
The shipyard made healthy profits last year, but its finances were hit by a loss of more than Dh35 million (US$9.5m) in the second quarter of this year.
Mr Junaibi will be replaced by the company's chief financial officer, Ian Pike, who will step in as acting chief executive.
Mr Al Junaibi previously worked with the company for five years, most recently as general manager. Before joining ADSB, he served in the UAE Navy.
ADSB is one of the most advanced naval shipyards in the region, and the only regional company with the capability to build, refit, repair and upgrade sophisticated warships. It employs more than 1,200 people.
Mubadala Development, a strategic investment company owned by the Abu Dhabi Government, holds a 40 per cent stake in ADSB, which was founded in 1996.
Last year, the company made a profit of about Dh41m. In the first nine months of this year, it lost Dh20.9m.
The shipbuilder in June launched its first Ghannatha class missile boat built in Abu Dhabi for the Navy. Under a Dh935m contract, ADSB will construct nine of the boats and retrofit 12 other vessels to carry heavier weaponry.
The vessels are all to be delivered by 2014. ADSB wants to sell additional vessels to other navies in the region.
fneuhof@thenational.ae
THE DETAILS
Kaala
Dir: Pa. Ranjith
Starring: Rajinikanth, Huma Qureshi, Easwari Rao, Nana Patekar
Rating: 1.5/5
UAE currency: the story behind the money in your pockets
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
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'The worst thing you can eat'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
Company profile
Company name: Dharma
Date started: 2018
Founders: Charaf El Mansouri, Nisma Benani, Leah Howe
Based: Abu Dhabi
Sector: TravelTech
Funding stage: Pre-series A
Investors: Convivialite Ventures, BY Partners, Shorooq Partners, L& Ventures, Flat6Labs
Origin
Dan Brown
Doubleday
The bio
Date of Birth: April 25, 1993
Place of Birth: Dubai, UAE
Marital Status: Single
School: Al Sufouh in Jumeirah, Dubai
University: Emirates Airline National Cadet Programme and Hamdan University
Job Title: Pilot, First Officer
Number of hours flying in a Boeing 777: 1,200
Number of flights: Approximately 300
Hobbies: Exercising
Nicest destination: Milan, New Zealand, Seattle for shopping
Least nice destination: Kabul, but someone has to do it. It’s not scary but at least you can tick the box that you’ve been
Favourite place to visit: Dubai, there’s no place like home
UAE currency: the story behind the money in your pockets
Specs
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Manchester City 2
Gundogan 27', De Bruyne 85'
Crystal Palace 3
Schlupp 33', Townsend 35', Milivojevic 51' (pen)
Man of the Match: Andros Townsend (Crystal Palace)
West Asia rugby, season 2017/18 - Roll of Honour
Western Clubs Champions League - Winners: Abu Dhabi Harlequins; Runners up: Bahrain
Dubai Rugby Sevens - Winners: Dubai Exiles; Runners up: Jebel Ali Dragons
West Asia Premiership - Winners: Jebel Ali Dragons; Runners up: Abu Dhabi Harlequins
UAE Premiership Cup - Winners: Abu Dhabi Harlequins; Runners up: Dubai Exiles
UAE Premiership - Winners: Dubai Exiles; Runners up: Abu Dhabi Harlequins
MATCH INFO
Osasuna 1 Real Madrid 4
Osasuna: García (14')
Real Madrid: Isco (33'), Ramos (38'), Vázquez (84'), Jovic (90' 2)
Key facilities
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- Specialist robotics and science laboratories
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Jetour T1 specs
Engine: 2-litre turbocharged
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BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
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