Arabtec appoints Hamish Tyrwhitt as new chief executive

Arabtec has appointed as its chief executive Hamish Tyrwhitt, who was also recently made chief executive of Depa.

In a statement to the DFM this morning, Dubai-listed Arabtec said that Mr Tyrwhitt had replaced the company’s acting chief executive, Saeed Al Mehairbi, who will remain an Arabtec board member.

Arabtec said that as well as taking on the new role, Mr Tyrwhitt would continue as chief executive of the Nasdaq Dubai-listed interiors contractor Depa – the company in which it purchased a 24 per cent stake in 2012.

Mr Tyrwhitt worked for 27 years at the Australian construction company Leighton Holdings, working his way up to become group chief executive in 2011. In 2014 he lost his job after the company was taken over by Hochtief, which is owned by the Spanish construction giant ACS.

He became chief executive of Asia Resources Minerals, an Indonesian coal mining company listed in London, in March last year, before being appointed as the chief executive of Depa Group in April.

Mr Tyrwhitt will have a tough job on his hands at Arabtec. This month the company posted its eighth successive quarterly loss. The company has been undergoing a restructuring following the departure of its previous chief executive Hasan Ismaik, who left the company in mid-2014 amid a share price crisis.

Mohamed Al Rumaithi, Arabtec’s chairman, said that Mr Tyrwhitt had the experience to “further strengthen the company’s strategic and financial positioning and achieve its full growth potential.

“We are confident that Hamish’s leadership will allow Arabtec to move forward to a successful and sustainable fut­ure,” he said.

Arabtec shares rose by 2.3 per cent to Dh1.32 in early trading.