Arabtec, the UAE's largest listed contracting company, promoted Wail Farsakh from group chief operating officer to chief executive and appointed Najeh Awad as acting chief financial officer.
“Wail joined Arabtec ... in September 2019 and has primarily focused on restructuring Arabtec’s construction business," the contractor said in a statement to the Dubai Financial Market, where its shares trade.
"In the past eight months, considerable progress has been made in closing out legacy projects, strengthening line and project management and closely aligning the group's construction-related businesses.”
Mr Farsakh has more than 33 years of experience in the UAE’s construction sector, having previously served as general manager of the former Dutco Balfour Beatty joint venture.
He takes over from Peter Pollard, who was hired as chief financial officer in April 2017 by Hamish Tyrwhitt, chief executive at the time. Mr Pollard took over as chief executive last May after Mr Tyrwhitt’s departure.
Mr Awad's most recent post was that of group chief financial officer at Abu Dhabi Ship Building and he also held the same post at Abu Dhabi General Services Company before that. He has also worked at Ernst & Young, PwC and JP Morgan in the US.
The board thanked Mr Pollard for his work, which it said “allowed Arabtec to rebuild a long-term leadership team”.
Arabtec, which has a workforce of more than 45,000, suffered its first full-year loss since 2016 last year, mainly owing to weaker income from its construction business as liquidity for projects remained tight.
The company reported a net loss to shareholders of Dh774.5 million, compared to a profit of Dh256.3m in 2018 as revenue fell 21 per cent to Dh7.78 billion.
A slowdown in the real estate sector resulted in fewer contracts being awarded. The settlements and recovery of claims and losses from an investment in an associate company also reduced profitability.
However, Arabtec's industrial, infrastructure and mechanical, and electrical and plumbing business lines remained profitable last year.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
'Munich: The Edge of War'
Director: Christian Schwochow
Starring: George MacKay, Jannis Niewohner, Jeremy Irons
Rating: 3/5
The%20specs
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UAE currency: the story behind the money in your pockets
One in nine do not have enough to eat
Created in 1961, the World Food Programme is pledged to fight hunger worldwide as well as providing emergency food assistance in a crisis.
One of the organisation’s goals is the Zero Hunger Pledge, adopted by the international community in 2015 as one of the 17 Sustainable Goals for Sustainable Development, to end world hunger by 2030.
The WFP, a branch of the United Nations, is funded by voluntary donations from governments, businesses and private donations.
Almost two thirds of its operations currently take place in conflict zones, where it is calculated that people are more than three times likely to suffer from malnutrition than in peaceful countries.
It is currently estimated that one in nine people globally do not have enough to eat.
On any one day, the WFP estimates that it has 5,000 lorries, 20 ships and 70 aircraft on the move.
Outside emergencies, the WFP provides school meals to up to 25 million children in 63 countries, while working with communities to improve nutrition. Where possible, it buys supplies from developing countries to cut down transport cost and boost local economies.
MATCH INFO
English Premiership semi-finals
Saracens 57
Wasps 33
Exeter Chiefs 36
Newcastle Falcons 5
Analysis
Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
SPEC%20SHEET%3A%20NOTHING%20PHONE%20(2A)
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At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.