Dubai builder Arabtec appoints new CEO

Dubai-based construction company Arabtec has appointed Depa CEO Hamish Tyrwhitt as its new chief executive with effect from November 28, it announced on Tuesday.

Tyrwhitt will replace acting CEO Saeed Al Mehairbi, who will remain as a board member, Arabtec said a in a statement to the DFM.

Tyrwhitt previously worked for 27 years at Australian construction contractor Leighton Holdings. He held various positions in Australia and in Asia before being appointed as Leighton’s CEO from 2011 to 2014.

In March 2015, he was named CEO of Asia Resources Minerals, an Indonesian coal mining company listed in London, and was later appointed CEO of Depa Group in April of 2016.

Tyrwhitt will retain his existing responsibilities as CEO of interiors contractor Depa, in which Arabtec bought a 24 per cent stake in 2012.

Mohamed Al Rumaithi, Arabtec chairman, said: “Hamish Tyrwhitt has the experience necessary for Arabtec to further strengthen the company’s strategic and financial positioning and achieve its full growth potential.”

Arabtec, which is currently implementing a series of restructuring and cost reduction initiatives, has been hit hard by the slump in the regional construction industry.

The company recently reported a net loss of Dhs225.5m for the third quarter – its eighth straight quarterly loss.

In June, the company’s shareholders also agreed to spend Dhs1bn of its statutory reserves to wipe out some of its accumulated losses.

Arabtec’s backlog of current and future projects stands at Dhs20bn.