Dubai – Mubasher: Arabtec Holding, a Dubai-based contractor for social and economic infrastructure, on Tuesday announced the appointment of Adel Al Wahedi as the acting group chief financial officer (CFO).

Adel is expected to play a major role alongside CEO Peter Pollard in achieving the company’s strategic priorities, Arabtec said in a statement.

The company’s new CFO has a 21-year of experience in capital restructuring and corporate finance.

He previously worked for Abu Dhabi Ports Company for a six-year period. Prior to that, Adel was the CFO of Petrofac Emirates, Mubadala Petroleum, and the deputy CFO of Etisalat Misr, a subsidiary of Etisalat UAE.

Peter Pollard commented: “I look forward to the journey ahead and to delivering on our key strategic priorities over the coming period underpinned by productivity, efficiency and innovation. We will continue to diversify our backlog into infrastructure and industrial sectors with geographic focus on UAE, KSA, Egypt, Bahrain and Kuwait to create value for our stakeholders.”

Arabtec Holding, listed on the Dubai Financial Market (DFM), plans to carry on “focusing on the collection of legacy receivables, shortening payment cycles, improving working capital and strengthening the balance sheet” to maintain the company’s growth as a leading regional contractor.