Dubai – Mubasher: Drake and Scull International (DSI) on Tuesday announced that it has appointed Khaled Jarrar as group chief financial officer (CFO), Mohamed Ghanem as chief legal officer (CLO) and Mike Grant as the chief restructuring officer (CRO), the company said in a statement.

The UAE-based developer also formed a Restructuring Committee that would be chaired by the company’s chairman Obaid Bin Touq, in addition to other members including Khamis Buamim, Ahmad Kilani and the CEO Tawfiq Abu Soud.

“The Board of Directors have focused on rebuilding DSI’s leadership management team with industry professionals who have experience within the sector and with the company,” the chairman of DSI Bin Touq commented.

The new appointments will provide a vital impetus to the company’s ongoing restructuring aims and support its efforts to put in place a turnaround strategy that will provide a stable platform for the future.

Currently, DSI is working with the relevant government authorities to obtain the necessary approvals to be in a position to brief its shareholders on the restructuring plans at the upcoming general assembly meeting.

“Once we have obtained the requisite formal approvals, we will be able to engage with the various stakeholders whose support will be essential in delivering our turnaround strategy,” Bin Touq added.