Construction

Arabtec Holding appoints Adel Al Wahedi as acting Group CFO

Al Wahedi will work alongside new Group CEO Peter Pollard to deliver on group’s strategic priorities

Arabtec Holding, the UAE-based construction group, has announced that it has appointed Adel Al Wahedi as the new acting Group Chief Financial Officer.

In a statement to Dubai Financial Market, the construction giant said that Al Wahedi joins the group from Abu Dhabi Ports Company, where he drove a major turnaround in the company’s financial performance over the last six years. Prior to that, he was the CFO of Petrofac Emirates, Mubadala Petroleum and the Deputy CFO of Etisalat Misr, a subsidiary of Etisalat UAE.

It added that he will play an important role alongside the Group Chief Executive Officer, Peter Pollard, to deliver on the Group’s strategic priorities.

In 2019, Arabtec will continue to focus on the collection of legacy receivables, shortening payment cycles, improving working capital and strengthening the balance sheet, which includes debt refinancing to provide a sustainable platform for the company’s future growth as a leading regional contractor, it added.

Al Wahedi joins Arabtec as a replacement to Pollard, who was the previous Chief Financial Officer and has now been appointed as Group Chief Executive Officer. He brings to Arabtec a wealth of experience in capital restructuring, corporate finance and a strong regional knowledge gained over the last 21 years.

“Peter has been instrumental in stabilising and preparing the business for growth over the past 2 years in line with the Group’s strategic roadmap. We would like to take this opportunity to thank Peter, who has now been appointed the Group CEO, for his commitment as the Group CFO during a very challenging period and look forward to Adel working with Peter towards a successful and sustainable future for the Group and its shareholders,” Arabtec’s board of directors said in the statement.

“I look forward to the journey ahead and to delivering on our key strategic priorities over the coming period underpinned by productivity, efficiency and innovation. We will continue to diversify our backlog into infrastructure and industrial sectors with geographic focus on UAE, KSA, Egypt, Bahrain and Kuwait to create value for our stakeholders,” Pollard added.

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