Latest news with #DrakeandScull
Zawya
28-05-2025
- Business
- Zawya
Drake and Scull appoints new Group CFO and Group General Counsel to drive strategic growth
Dubai, UAE – Drake and Scull International PJSC (DSI), specializing in contracting services for mechanical, electrical, and plumbing (MEP), as well as oil and gas, water and wastewater treatment projects, is pleased to announce the appointment of Khalid Sukhon as Group Chief Financial Officer and Ahmed El-Bayouk as Group General Counsel and Head of Legal, effective immediately. These key leadership appointments mark a significant step in DSI's ongoing transformation, strengthening its financial and legal frameworks to support the company's long-term growth strategy. Khalid Sukhon - Group Chief Financial Officer Mr. Khalid Sukhon has been appointed as the Group Chief Financial Officer of DSI. A seasoned finance executive with over 25 years of international and regional experience, Khalid brings deep expertise across finance, investment, and enterprise transformation. He joins DSI from National Bonds Corporation, where he served as Group CFO and played a pivotal role in executing a five-year strategic plan, streamlining financial operations, and leading various transformation initiatives. His earlier roles include senior finance leadership positions at Al Hilal Bank, Aldar Properties (Provis Estate Management), KPMG, and PwC in both the UAE and the UK. Khalid holds a Master's degree in Finance and Investment from the University of Exeter (UK) and a Bachelor's degree in Accounting from the University of Jordan. He is also a member of the Association of Chartered Certified Accountants (UK) and the Association of Corporate Treasurers (UK). Khalid succeeds Fadi Baraki, who is stepping down to pursue other professional opportunities. Ahmed El-Bayouk – Group General Counsel / Head of Legal Drake & Scull also announces the appointment of Mr. Ahmed El-Bayouk as Group General Counsel and Head of Legal. Ahmed joins from the Dubai office of Dentons & Co., the world's largest law firm, where he served in their top-tier Construction, Engineering, and Disputes practice. Ahmed is a qualified solicitor in England & Wales, a registered legal consultant with the Dubai Legal Affairs Department, and a registered legal practitioner (Part I) in the DIFC Courts. His practice includes serving as an arbitrator and co-arbitrator in Dubai International Arbitration Centre (DIAC) and other arbitrations. Ahmed brings over a decade of legal experience spanning construction, infrastructure, energy, insolvency, and dispute resolution. He has led legal teams and played a central role in complex cases valued between USD 10 million and USD 2 billion, representing both private and government clients across the Middle East, Europe, and Asia. He holds an MSc in Law and Business and a Graduate Diploma in Law from the University of Law (UK), both awarded with Distinction, and a Law (LLB Hons) degree from the University of Aberdeen. He was recently appointed a Fellow of the Chartered Institute of Arbitrators (FCIArb). 'We are pleased to welcome Khalid and Ahmed to Drake & Scull International at this pivotal stage in our transformation,' said Muin El Saleh, Group Chief Executive Officer of DSI. 'Khalid's financial leadership and strategic foresight, combined with Ahmed's impressive legal credentials and dispute resolution experience, will significantly enhance our operational strength and governance standards. He added: 'I would also like to extend our deepest gratitude to our outgoing CFO, Fadi Baraki, whose unwavering commitment and leadership were instrumental in navigating DSI through a complex and high-stakes restructuring process. His efforts have been critical to restoring financial discipline and building the foundation for our recovery. We thank him sincerely and wish him continued success in his future endeavors.' These leadership appointments reflect DSI's ongoing commitment to operational excellence, strong corporate governance, and sustainable growth. With Khalid Sukhon and Ahmed El-Bayouk joining the executive team, the Company is well-positioned to drive forward its strategic objectives, enhance financial resilience, and navigate the legal complexities of large-scale infrastructure and energy projects. Their combined expertise supports DSI's long-term vision of strengthening stakeholder confidence, delivering value to shareholders, and positioning the Company for renewed competitiveness in key regional markets. About Drake and Scull International PJSC Drake & Scull International PJSC (DSI) is a global industry leader delivering state-of-the-art projects and solutions across its high-performance sectors including electromechanical, integrated design, engineering, and construction, for water, power and oil and gas sectors. Through our operations, we provide integrated design, smooth functionality, and efficiency from start to finish. From Infrastructure Development, Waste to Energy, Data Centers Development, Mechanical Electrical and Plumbing (MEP) to Renewable Energy. DSI continues to be at the helm, driving the market forward through our people, passion, and innovation for more than 135 years.
Arabian Business
13-05-2025
- Business
- Arabian Business
Restructured Drake and Scull International returns to profit for Q1
Drake and Scull International (DSI), which successfully completed a comprehensive restructuring plan approved by the Dubai Court of Appeal, returned to profitability for the first quarter when it recorded net profits amounting to AED2.5 million (US$680,000) for Q1 2025. The Q1 profit compares to a net loss of AED42.5 million (US$11.6 million) in Q1 2024. The restructuring last year had resulted in liabilities write-back of AED3.79 billion (US$1.03 billion) and conversion of AED368 million (US$100 million) liabilities into Mandatory Convertible Sukuks. Revenue remained stable year-on-year, improving marginally from AED30 million (US$8.17 million) to AED30.4 million (US$8.3 million). General and administrative expenses rose to AED11.4 million (US$3.1 million) as against AED8.6 million (US$2.34 million) in Q1 2024, reflecting higher staffing, legal, professional, and business development costs due to the company's growth and compliance activities. Total assets reduced to AED634.3 million (US$172.7 million), down 1.9 per cent from AED647 million (US$176.2 million) in Q1 2024. Drake and Scull International closed the quarter with a strong cash position of AED298.5 million (US$81.3 million) in unrestricted cash, reflecting prudent financial management. The movement in cash during the period was primarily due to strategic investments in property amounting to AED21.4 million (US$5.83 million). Muin El Saleh, Group CEO of Drake and Scull International, commented: 'Q1 results reflect progress in stabilising operations and executing our restructuring plan. The return to profitability underscores our focus on cost discipline, strategic project execution, and value creation for our shareholders. While challenges remain, our liquidity position and recent project awards provide a foundation for recovery. 'The Group is cautiously optimistic for the remainder of 2025. With the successful award of major projects, a streamlined cost structure, and stabilised operations, we expect further improvement in financial performance over the coming quarters.' The 135-year-old Drake and Scull International delivers state-of-the-art projects and solutions across high-performance sectors, including electromechanical, integrated design, engineering, and construction, for water, power and oil and gas sectors and is involved from infrastructure development, waste-to-energy, data centre development, mechanical electrical and plumbing (MEP) to renewable energy.
