Drake and Scull International, a Dubai-based contractor, has appointed Muin Al Saleh as chief executive, returning the executive to a post he previously held at the engineering and construction company. Al Saleh took up the role immediately, the company announced in a filing to the Dubai Financial Market on November 21, 2024, as the firm moves to expand operations following a sweeping debt restructuring deal.
The appointment marks a strategic choice during a critical recovery phase for Drake and Scull. The company statement said the hire aims to reinforce its commitment to revitalising operations, with a focus on operational efficiency, cost control, delivering current projects, winning new contracts and driving productivity and growth. Al Saleh, who held executive leadership roles at engineering and construction firms across the Middle East and international markets, will work to capitalise on momentum created by the company's financial turnaround. Drake and Scull wrote off Dh4.18 billion ($1.1 billion) in debts and restructured its remaining liabilities as part of a Dubai court-approved plan that saw the company recover from near-insolvency. The company resumed share trading in May 2024 after a six-year suspension triggered by severe losses.
Al Saleh brings over 25 years of experience in engineering, construction and infrastructure sectors. His prior roles include general manager at Sharqawi, an electromechanical company in Saudi Arabia, and general manager at Al Majal Al Arabi Group, a facility management company also based in Saudi Arabia. He holds a bachelor's degree in engineering from the University of Liverpool and an MBA from the University of Leicester. Most significantly, Al Saleh previously served as CEO of Drake and Scull from 2017 to 2019, making his appointment a return rather than a new hire. His earlier tenure came during a less turbulent period before the contractor's financial collapse in the oil price downturn of 2014 and subsequent years of distress.
Drake and Scull was founded in the United Kingdom in the late 1880s and established operations in the Middle East in 1966 when it opened an office in Abu Dhabi. The contractor provides general contracting and engineering services, with specialisations in mechanical, electrical and plumbing work, alongside projects in oil and gas and water and wastewater treatment. The company operates across the UAE, Saudi Arabia, Kuwait, Egypt, Jordan, Algeria and India. Once a highly traded stock on the Dubai Financial Market, Drake and Scull fell into difficulty during the 2014-2016 oil price collapse, which devastated the regional construction sector. Heavy losses mounted, and share trading was suspended in November 2018. The 2024 restructuring plan required a 90 percent debt write-off, positioning the company for a recovery phase focused on returning to profitability.
Al Saleh's reappointment signals that Drake and Scull is banking on seasoned, familiar leadership to navigate its operational turnaround. The choice of a returning former CEO with Middle East and international construction experience suggests the board values continuity and institutional knowledge as the company pursues new contracts and strengthens project delivery after years of financial distress. The appointment comes just weeks after the company returned to profitability in the third quarter of 2024, with net profit of Dh5.9 million against a loss of Dh35 million in the same period a year earlier. Whether this hire proves sufficient to rebuild shareholder confidence and secure major contracts in a competitive regional market will become apparent through contract wins and sustained operational performance in the months ahead.
