Drake & Scull International, the Dubai-listed contractor seeking to restructure about Dh1 billion of debt, said that it appointed Fadi Feghali as its chief executive, a post that has been vacant since August. He will assume his role on April 1.
Mr Feghali, who currently manages the international business units of DSI, succeeds Wael Allan, whose tenure was ended in August by the board of directors amid a management shake-up. Mr Allan had assumed the post in October of 2016 after the long-standing chief executive Khaldoun Tabari stepped down.
“We believe that our comprehensive organisational overhaul and structural reforms have reached a significant milestone with the appointment of Dr Fadi Feghali,” said Abdulla Atatreh, chairman of DSI.
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The contracting firm said in January it expects to finalise restructuring of approximately Dh1bn of debt it raised for projects in Saudi Arabia by March-end this year. It will also begin negotiations with bondholders in the UAE to refinance Dh440m worth of sukuk in the second half of 2018. DSI said this week it plans to issue a sukuk convertible into equity with a minimum value Dh450 million.
The Dubai contractor, which was hit hard by a slowdown in the Arabian Gulf economies, has already reached an agreement with a group of nine lenders to refinance Dh566m of corporate debt.
Under the deal, agreed in the fourth quarter of 2017, the banks on average have extended the maturities by three years on loans, representing 56 per cent of the company’s total corporate general debt, which at the end of September last year stood at Dh1.07bn.
Drake & Scull said in February that its full-year net loss widened despite posting a profit in the fourth quarter of 2017.
Full-year net loss deepened to Dh1.39n from Dh815m.
Business Insights
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- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
hall of shame
SUNDERLAND 2002-03
No one has ended a Premier League season quite like Sunderland. They lost each of their final 15 games, taking no points after January. They ended up with 19 in total, sacking managers Peter Reid and Howard Wilkinson and losing 3-1 to Charlton when they scored three own goals in eight minutes.
SUNDERLAND 2005-06
Until Derby came along, Sunderland’s total of 15 points was the Premier League’s record low. They made it until May and their final home game before winning at the Stadium of Light while they lost a joint record 29 of their 38 league games.
HUDDERSFIELD 2018-19
Joined Derby as the only team to be relegated in March. No striker scored until January, while only two players got more assists than goalkeeper Jonas Lossl. The mid-season appointment Jan Siewert was to end his time as Huddersfield manager with a 5.3 per cent win rate.
ASTON VILLA 2015-16
Perhaps the most inexplicably bad season, considering they signed Idrissa Gueye and Adama Traore and still only got 17 points. Villa won their first league game, but none of the next 19. They ended an abominable campaign by taking one point from the last 39 available.
FULHAM 2018-19
Terrible in different ways. Fulham’s total of 26 points is not among the lowest ever but they contrived to get relegated after spending over £100 million (Dh457m) in the transfer market. Much of it went on defenders but they only kept two clean sheets in their first 33 games.
LA LIGA: Sporting Gijon, 13 points in 1997-98.
BUNDESLIGA: Tasmania Berlin, 10 points in 1965-66
COMPANY%20PROFILE
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The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
Poacher
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Killing of Qassem Suleimani
The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 240hp at 5,500rpm
Torque: 390Nm at 3,000rpm
Transmission: eight-speed auto
Price: from Dh122,745
On sale: now
And%20Just%20Like%20That...
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The%20specs
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UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
