Dubai – Mubasher: Drake and Scull International (DSI) on Wednesday announced that its board has agreed upon appointing Obaid bin Touq as chairman of the board of directors.
Bin Touq, the current independent board member, replaces Abdulla Atatreh after approving his resignation from his position, according to a filing to the Dubai Financial Market (DFM).
The board has also approved the resignation of Yousef Al Mulla as the company's CEO, and the management of the company will be carried under the supervision of the board until a replacement has been appointed.
In the nine months of 2018, the UAE-based developer reported a 46% year-on-year decrease in losses, registering AED 662.9 million, down from AED 1.22 billion.
As for the third quarter of 2018, the company’s losses amounted to AED 498 million, compared to AED 317.6 million in Q3-17.
