Drake & Scull appoints strategic advisor

12 December 2016

DSI announced last month it was reviewing its business strategy

Dubai-listed contractor Drake & Scull International (DSI) has appointed the UK’s PwC as a strategic advisor, according to a bourse statement from the contractor.

The statement states that PwC has been appointed to “[examine] the company’s capital structure and financial liabilities”. It provided no further information.

DSI announced last month it was reviewing its business strategy to address market challenges which could lead to a withdrawal from non-core markets and limiting civil works in Saudi Arabia.

DSI’s order backlog in the third quarter of 2016 declined by 28 per cent compared with 2015, and stood at AED8.8bn ($2.4bn). The company said the decline is attributed to two cancelled projects in Saudi Arabia, which allowed DSI to mitigate the risks that come from civil works in the kingdom.

In October, the firm announced the appointment of Wael Allan, the company’s chief operating officer, as the new group CEO.

Allan’s appointment marked the final phase of a six-month management transition process that started with his appointment as chief operating officer in the first half of this year.

Khaldoun Tabari, the previous CEO, will continue to be a non-executive board member, a member of the executive committee, vice-chairman and a major shareholder.

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