Dubai contractor Drake & Scull confirms chairman resignation

The chairman of Dubai construction firm Drake and Scull International (DSI) Majid Saif Al Ghurair has resigned from his post, the company confirmed on Sunday.

In a brief bourse statement, the Dubai listed company said that Al Ghurair was resigning from the company’s board for “personal reasons”.

“The board of directors will elect a new chairman in the upcoming BOD meeting,” it added.

In a separate bourse statement, DSI confirmed that it will hold its next BOD meeting on Tuesday, September 9, when it plans to elect its new chairman and vice chairman.

DSI has been hard by the depressed construction market in the region and in its second quarter results, reported a loss of Dhs199m and an 18 per cent decline in revenues to Dhs660m.

However it has been restructuring operations and last month sacked CEO Wael Allan, who was appointed to the role less than a year ago.

It also approved the resignations of several board members including former executive vice chairman and CEO Khaldoun Al Tabari.

Read more: Dubai’s Drake & Scull terminates CEO after less than a year

The company also said a capital restructuring programme was set to conclude as scheduled in the third quarter.

DSI, which had an order backlog of Dhs6.6bn as of June 30, has started receiving new contracts.

Last last month, the company said its general contracting subsidiary, Gulf Technical Construction Company, won a Dhs175m deal from Orion Real Estate Development to build the West Bay residential tower in Dubai’s Business Bay.

Read more: Drake & Scull unit wins Dhs175m contract in Dubai

Also in August, DSI announced that it will proceed with its Dhs233m contract for the Mechanical, Electrical and Plumbing (MEP) works for the Fairmont Abu Dhabi hotel and serviced apartments.

Read more: Drake & Scull to proceed with Dhs233m contract for Fairmont Abu Dhabi