Dubai construction firm Arabtec Holding announced Tuesday it appointed Hamish Tyrwhitt as its new chief executive.
Tyrwhitt, who served as chief executive of Australian contractor Leighton Holdings, since rebranded CIMIC Group, between 2011 and 2014, joined Arabtec on Nov. 28, the company said in a statement.
Tyrwhitt will retain his current position as Group CEO of Dubai-based interior contractor Depa Group.
Arabtec and Depa have signed a “settlement and co-operation agreement,” which positions Depa as one of Arabtec’s preferred partners, Depa said in a bourse statement.
Tyrwhitt replaces acting Arabtec CEO Saeed Mohamed Al Mehairbi, who will continue to serve on the company’s board.
Arabtec reported a net attributable third-quarter loss of 225.5 million dirhams ($61.4 million) on Nov. 14.
The firm hired restructuring advisory firm AlixPartners to help it strengthen its capital structure and reform its business earlier this year, Reuters reported on April 24.
Tyrwhitt worked for 27 years at international construction firm Leighton Holdings Ltd., holding various positions in Australia and in Asia before being appointed CEO from 2011 to 2014.
He became CEO of Asia Resources Minerals, an Indonesian coal mining company listed in London, in March 2015.
In April last year, he was appointed CEO of Depa Group and he will retain the position at the interiors firm while at Arabtec.
Depa will become one of Arabtec’s preferred partners, Reuters reported, citing a source at Depa.
Announcing the appointment, Mohamed Al Rumaithi, chairman of Arabtec, said: “Hamish has a distinguished career in the construction industry. He has the experience necessary for Arabtec to further strengthen the company’s strategic and financial positioning and achieve its full growth potential. We are confident that Hamish’s leadership will allow Arabtec to move forward to a successful and sustainable future.”
Tyrwhitt added: “Fundamentally Arabtec is a strong company with a great track record of achievements stretching back over the past 40 years. I am looking forward to taking the company forward and capitalizing on the many opportunities available to the Arabtec Group.”
Arabtec generated revenues of 6 billion dirhams ($1.6 billion) in the first nine months of 2016, an increase of 17 percent over the same period last year.
While it has a backlog of current and future projects worth 20 billion dirhams, it has reported eight consecutive quarterly losses. Earlier this year, it hired restructuring advisory firm AlixPartners to help it strengthen its capital structure and reform its business.
Construction companies have been struggling with a difficult industry environment as Gulf economies slow and governments restrain spending because of low oil prices, leading to projects halted and payments being delayed.
Source: Reuters & Express
