Announcement follows the news that the wider group posted a profit for the first time since 2014
Arabtec Construction, part of the Dubai-listed contracting group, has appointed Boyd Merrett as Chief Executive.
Merrett will assume his role in July 2017, according to a statement to the Dubai Financial Market. He joins Arabtec from CIMIC Group, where he was the General Manager for Leighton Asia in Hong Kong, responsible for winning and delivering major building, MEP and infrastructure projects worth over $7 billion.
“His expertise stems across an array of specialisms in the industry with more than 24 years of experience in international construction, spanning the Middle East, Asia, Europe and Africa. He will bring forth his operational capabilities across a range of disciplines from green buildings, industrial plants, resorts, civil infrastructure, offshore oil and gas, marine works, mining and tunneling. His exposure encompasses driving growth in challenging markets,” a statement said.
Group Chief Executive Officer, Hamish Tyrwhitt, said: “Boyd will join Arabtec at a fundamental time of restructuring the business. His role will be pivotal in building our capabilities and increasing our profitability and returns. Boyd’s operational expertise will aid in the delivery of our goals to improve our margins and manage our relationships to their fullest. Most importantly, I believe that Boyd will also play a role in creating opportunities for Arabtec Construction in the future.”
The news comes days after Arabtec announced a small profit in the first quarter of this year – its first since 2014.
Arabtec, which had been previously rocked by management changes and had been undergoing a massive restructuring program, said that the turnaround is still “in its infancy.”
The company reported net profit attributable to the parent of AED 18 million ($4.9m) in the first quarter of 2017, compared to a net loss of AED 46 million the same time last year.