Dubai contracting firm Drake & Scull International has appointed a new CEO and CFO.
According to a posting to the Dubai Financial Market (DFM) Munir Mansour has taken the CEO mantle, while Peter Lalor takes over as CFO.
Shafiq Abdul Hamid, chairman of the board of directors, said: “They join us at a critical time as we proceed with finalising the organisational and financial reorganisation plan.
"We are confident that their extensive experience and highly relevant skillsets will enable us to re-establish DSI as a leading MEP contractor in the region.”
According to the statement to DFM, an application for its financial reorganisation process to be conducted under the supervision of the Financial Reorganisation Committee (FRC) – a body set up in 2018 under the UAE’s bankruptcy law – was accepted in May.
The statement added: “This acceptance marks a significant development towards achieving a successful financial reorganisation of DSI. The FRC’s role is to facilitate the financial reorganisation through consensual agreement with the DSI’s creditors in an out-of-court process.”