Dr Fadi Feghali has been appointed group chief executive officer of Drake & Skull International (DSI) as part an ongoing corporate restructure.
Feghali is regarded as an engineering, procurement, and construction (EPC) heavyweight. Has has been with DSI since October 2017, two months after the company sacked former CEO Wael Allan.
Feghal spent the majority of his career rising up the ranks at Al Husam Group, which he joined in 1987, before becoming company’s managing director.
Chairman of DSI, Abdulla Atatreh, said the appointment of Feghali marked a “significant milestone” for the company, following a major business overhaul that included a senior management shake-up and debt restructuring.
“We are pleased to have Dr Fadi Feghali as the group chief executive officer of DSI,” Atatreh added.
“He is an esteemed expert in the EPC sector and has a stellar track record of leading the operations for complex and large-scale engineering projects in the region.
“His performance driven vision, global experience, and business acumen will prove vital for DSI and we are confident that under his leadership, the company will tap into its vast potential of historic legacy and regional presence and leverage them to create a sustainable pipeline of growth-oriented outcomes.”
Feghali said it was an “honour” to be handed the reins of power for a “dynamic organisation with a rich history that spans more than 135 years”.
He added: "We have constantly evolved to meet the demands of an ever-changing business environment. I am enthusiastic about the opportunities to build upon our base of engineering skills, global experience, and the region’s most talented and motivated workforce, as we aim to deliver improved results and generate value for our investors and partners.”
Feghali’s appointment comes a day after DSI confirmed plans to issue a convertible sukuk worth $123m (AED450m) in April 2018.
Issuing the sukuk forms part of DSI restructuring efforts and will be used to recapitalise the business by generating hard cash to fund future projects