Dubai’s Arabtec appoints new CEO of construction subsidiary

Dubai-based contractor Arabtec Holding has appointed Boyd Merrett as CEO of its wholly owned subsidiary – Arabtec Construction, it announced on Sunday.

Boyd previously worked with Australian contractor CIMIC Group, where he was the general manager for Leighton Asia in Hong Kong, a statement said.

He will assume his role in July 2017.

Arabtec group CEO Hamish Tyrwhitt said: “Boyd will join Arabtec at a fundamental time of restructuring the business. His role will be pivotal in building our capabilities and increasing our profitability and returns.

Boyd’s operational expertise will aid in the delivery of our goals to improve our margins and manage our relationships to their fullest.”

Arabtec, the first private construction firm to list on the Dubai Financial Market in 2005, reported its first quarterly profit since 2014 in Q1 this year.

Apart from the dull economic conditions, the company was also hit due to a number of management changes in the past two years.

Last month, Arabtec’s shareholders approved a Dhs1.5bn issue and also approved plans to use existing capital to wipe out accumulated losses.

Read more: Dubai’s Arabtec reports first quarterly profit since 2014