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Arabtec Contracting Chairman resigns in Dubai


The resignation of the Arabtec president


The resignation of the Arabtec president



Dubai-based Arabtec Holding has announced the resignation of Chief Executive Officer Hamish Tyrwhitt from his post, with the resignation of the Arabtec president effective immediately.

Former chief financial officer Peter Pollard was appointed chief executive of the group, according to a formal statement from the company, and the reason for Hamish's departure was not disclosed.

Mr. Hamish took over the company in November 2016. Prior to that, he worked for Australian Leighton Holdings.

The resignation of the Arabtec president
Hamish also served as Chief Executive Officer of Depa Group, which acquired Arabtec 24 per cent of its shares in 2012. He continued to serve as CEO of Depa until May 1, and remains a member of the Board as a non-executive director.

Arab Tech unveils its CEO's resignation after announcing a 49.5 per cent drop in profits in the first quarter of this year to reach AED 31.8 million, instead of AED 64 million at the same time in 2018.

Revenues for the quarter also declined by 16 per cent to AED 2 billion, while the accumulated turnover of the Group was AED 14.8 billion.

The company said it saw a contraction in its margins during the first quarter, due to lower revenues due to a lack of construction work, as well as the closure of some projects in the coming months.

The company also said it had lost 7.8 million dirhams from its investment in Depa, of which Hamish was president.


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