Page 58 - magazine Jun 2020

Company News

Arabtec appoints new group CEO

“In the past eight months, considerable progress
has been made in closing out legacy projects,
strengthening line and project management and
closely aligning the group’s construction related
businesses,” the group said in a statement to the
Dubai Financial Market.
Farsakh has over 33 years of experience in the
UAE and has delivered civil, marine, roads, retail,
residential and hospitality projects.
Awad, meanwhile has over 27 years of experience
in finance, risk, investments and operations. In
this time, Najeh has worked with Ernst & Young,
PWC and JP Morgan and the Abu Dhabi General
Services Musanada as CFO, the real estate and
The board of directors at Dubai-based Arabtec project management arm of Government of Abu
Group have appointed Wail Farsakh as the new Dhabi.
group chief executive officer. Most recently, Awad was group CFO for listed
Farsakh who until now occupied the position of company Abu Dhabi Ship Building.
group chief operating officer (COO) of the UAE’s “Najeh brings a deep understanding of
largest listed contracting company replaces Peter contracting, along with strong relationships with
Pollard. key stakeholders within Abu Dhabi and federal
Additionally, the board appointed NajehAwad as government, regulators and banks,” added
acting group chief financial officer (CFO). Arabtec in its statement.
Wail joined Arabtec as group COO in September It may be recalled that Arabtec’s former CEO of
2019 and has was primarily focused on its construction business, Boyd Merrett, resigned
restructuring Arabtec’s construction business. from his role in October 2019.
Union Properties’ subsidiary to claim

approximately Dh1.5b

Union Properties PJSC (UPP) has announced
one of its subsidiary companies, which it 100 per
cent owns, has initiated arbitration procedures to
claim approximately Dh1.5 billion owed.The claim
is related to construction work for a significant
project that was completed around 10 years ago.
Khalifa Al Hammadi, Group CEO of Union
Properties, said the company’s Executive
Management will not spare any effort in pursuit of
the collection of the amount owed, and is taking
the proper legal procedures which are in the
interests of the company’s shareholders.
Al Hammadi added that the company’s
shareholders and the financial market will be
regularly informed of the developments of the
arbitration in accordance with the laws, rules
and regulations of the UAE and provided with full
disclosure and transparency.

22 Contractors News Magazine