Drake & Scull Announces the appointment of Wael Allan as the Chief Executive Officer

Khaldoun Tabari to continue to serve the company as the Vice-Chairman and a member of the Board of Directors & member of the Executive Committee

 Drake & Scull International PJSC (“DSI” or the “Company”), a regional leader in engineering, procurement, construction and commissioning, announced the resignation approval of Mr. Khaldoun Tabari from his post as the Chief Executive Officer (CEO) and the appointment of Mr. Wael Allan, currently serving as the Chief Operating Officer (COO) as the company’s new Group Chief Executive Officer (CEO). Wael will assume the new role on the 10^th of October 2016, which marks the final phase of a six-month management transition process initiated with his appointment as (COO) in the first half of the year. Mr. Tabari submitted his resignation to the board on August 2016 for approval until the new CEO appointment was finalized.

Wael Allan succeeds Khaldoun Tabari, who will step down from his current role as the Group CEO and continues to serve DSI as a Non-Executive Board Member, Member of the Executive Committee, Vice-Chairman and a major shareholder.

Wael Allan is an industry veteran with more than 26 years of global management experience spanning EPC and construction across USA, Europe, Far East and the Middle East.

Prior to his appointment at DSI, he served as the CEO for Arcadis Middle East, and progressed through senior management roles for reputed firms including Hyder Consulting, Skanska USA Buildings, Washington Group International and Raytheon Engineers and Constructors, amongst others.

“Khaldoun’s valuable contribution towards DSI’s remarkable growth continues to inspire us and have laid the foundation of our future growth path. We are pleased to have him continue to lend his expertise and wisdom as the Vice-Chairman in guiding the company during and after the transition to the new management structure.

I am confident that Wael Allan’s vision and commitment will help DSI emerge stronger, leaner and more efficient through these challenging times, drawing on his considerable 26 years of global engineering and management experience.” said Majid Al Ghurair, Chairman of DSI PJSC.

Khaldoun Tabari commented on the occasion by stating: “As we mark 50 years of our Middle East operations, I believe this is the right time to hand over to Wael Allan and the senior team that will now chart the future course of the company. I believe that our fundamentals remain robust and our clients and partners continue to value our experience and pioneering innovations in our key markets. I would like to wish Wael and our employees well for the exciting period ahead, and thank our board, our investors and stakeholders and our employees for their support and dedication which inspired and empowered our growth and success.”