Dubai’s Arabtec Construction CEO resigns

The CEO of Dubai-listed Arabtec Group’s construction unit has resigned, the company announced in a bourse statement on Tuesday.

Boyd Merrett was appointed to the role in May 2017.

Wail Farsakh, group COO of contractor Arabtec Holding, will assume the responsibilities of the role until “further notice”, the statement said without providing further details.

The Dubai-listed contractor, which reported a 47.2 per cent drop in net profit for the second quarter to Dhs26.1m, has seen several management changes this year.

In July, Arabtec Holding appointed Adel Al Wahedi as the acting group chief financial officer to replace Peter Pollard, who has been made the group CEO.

Pollard replaced Hamish Tyrwhitt, who stepped down from his role as group CEO in May.

Read: Dubai contractor Arabtec appoints new acting CFO amidst management reshuffle

Last month, Arabtec Holding also announced that it is mulling a merger with Trojan Holding, a construction company in Abu Dhabi.

The two companies have “commenced a review of the possibility of combining their construction businesses”, Arabtec said.

Read: Dubai contractor Arabtec mulls merger with Abu Dhabi’s Trojan