Dubai contractor Arabtec appoints new group CFO

Dubai-listed builder Arabtec Holding has appointed Peter Pollard as group chief financial officer (CFO), sources told Reuters on Sunday.

Pollard’s appointment comes days ahead of the company’s shareholder meeting on Tuesday, in which Arabtec will be seeking investor approval for its Dhs1.5bn ($408.39m) rights issue.

Pollard, who will be overseeing the company’s recapitalisation programme, will succeed acting group CFO Ravi Murthy, according to three sources, declining to be identified because the matter is not public.

Murthy, who was appointed acting group CFO in July 2015, will move as chief financial officer for the company’s subsidiary, Arabtec Construction, one of the sources said.

Loss-making Arabtec has been struggling for more than two years in a depressed Gulf market for infrastructure projects, its problems exacerbated by internal strife among shareholders and several senior management changes.

Prior to his new role, Pollard was managing director at British-listed outsourcing company Serco Group in Hong Kong.

Representatives for Arabtec did not respond to calls when contacted by Reuters.