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Dubai-listed contractor Drake & Scull's (DSI) new chairman Sheikh Theyab bin Tahnoon bin Mohammed Al Nahyan has highlighted the ‘vital’ role the construction sector plays in the UAE.
In a disclosure to Dubai Financial Market (DFM) Sheikh Theyab, who was appointed chairman at a board meeting on Friday, said: “The United Arab Emirates is one of the most significant countries witnessing urban and construction development on various fronts.
“The construction sector is one of the most vital activities in the country. We are confident that the return of Drake & Scull to the right path, as one of the leading companies in the construction field, will have a clear impact on supporting this sector.”
Sheikh Theyab, who became chairman of Dubai-listed Gulf Navigation in 2020, was appointed chairman of the DSI board after Shafiq Abdel Hamid announced his decision to withdraw from candidacy last week.
Abdullah Atatreh was also appointed vice chairman of the board.
The troubled contractor wrote off AED 4.2 billion ($1.15 billion) of debts in June following extensive restructuring.
(Writing by Imogen Lillywhite; editing by Daniel Luiz)
