LONDON: Dubai-based construction firm Drake & Scull has terminated the contract of its CEO Wael Allan after less than a year in the role.
The contractor on Monday posted a loss of 182.7 million dirhams ($49.7 million) for the second quarter. The board also approved the resignations of a number of members, including Khaldoun Tabari, former executive vice-chairman.
Allan was appointed to the role in October last year. He had previously been chief operating officer at the firm. The company reduced its losses by 12 percent in the second quarter, compared to a year earlier.
It follows a capital restructuring program, which according to the company, is progressing on schedule and due to be concluded by the end of the third quarter this year.
Feras Kalthoum, acting CFO, Drake & Scull International, said: “The results of the quarter should be viewed within the context of our turnaround plan and the capital restructuring program and are consistent with our financial targets set out at the outset of the fiscal year.”
The first phase of the restructuring program is due to be concluded in a few weeks, with the approval of new equity issued to Drake & Scull’s biggest stakeholder Tabarak Investment, the company said.
Phase two will see Tabarak inject a capital increase of 500 million dirhams. Tabarak has also extended an interest free loan of up to 100 million dirhams to the group.
The group has a order backlog of 6.6 billion dirhams and expects to announce the latest project wins in the second half of the year, the company said.
Drake & Scull removes CEO as it pares losses
Drake & Scull removes CEO as it pares losses
Reforms target sustained growth in Saudi real estate sector, says Al-Hogail
RIYADH: The Real Estate Future Forum opened its doors for its first day at the Four Seasons Riyadh, with prominent global and local figures coming together to engage with one of the Kingdom’s most prospering sectors.
With new regulations, laws, and investments underway, 2026 is expected to be a year of momentous progress for the real estate sector in the Kingdom.
The forum opened with a video highlighting the sector’s progress in the Kingdom, during which an emphasis was placed on the forum’s ability to create global reach, representation, as well as agreements worth a cumulative $50 billion
With the Kingdom now opening up real estate ownership to foreigners, this year’s Real Estate Future Forum is placing a great deal of importance on this new milestone and its desired outcomes and impact on the market.
Aside from this year’s forum’s unique discussions surrounding those developments, it will also be the first of its kind to launch the Real Estate Excellence Award and announce its finalist during the three-day summit.
Minister of Municipalities and Housing and Chairman of the Real Estate General Authority Majed Al-Hogail took to stage to address the diverse audience on the real estate market’s achievements thus far and its milestones to come.
Of those important milestones, he underscored “real estate balance” as a key pillar of the sector’s decisions to implement regulatory tools “with the aim of constant growth which can maintain the vitality of this sector.” He pointed to examples of those regulatory measures, such as the White Land Tax.
On 2025’s progress, the minister highlighted the jump in Saudi family home ownership, which went from 47 percent in 2016 to 66 percent in 2025, keeping the Kingdom’s Vision 2030 goal of 70 percent by the end of the decade on track.
He said the opening of the real estate market to foreigners is an indicator of the sector’s maturity under the leadership of Crown Prince Mohammed bin Salman. He said his ministry plans to build over 300,000 housing units in Riyadh over the next three years.
Speaking to Arab News, Al-Hogail elaborated on these achievements, stating: “Today, demand, especially local demand, has grown significantly. The mortgage market has reached record levels, exceeding SR900 billion ($240 billion) in mortgage financing, we are now seeing SRC (Saudi Real Estate Refinance Co.) injecting both local and foreign liquidity on a large scale, reaching more than SR54 billion”
Al-Hogail described Makkah and Madinah as unique and special points in the Kingdom’s real estate market as he spoke of the sector’s attractiveness.
“Today, the Kingdom of Saudi Arabia has become, in international investment indices, one that takes a good share of the Middle East, and based on this, many real estate investment portfolios have begun to come in,” he said.
Al-Ahsa Gov. Prince Saud bin Talal bin Badr Al-Saud told Arab News the Kingdom’s ability to balance both heritage sites with real estate is one of its strengths.
He said: “Actually the real estate market supports the whole infrastructure … the whole ecosystem goes back together in the foundation of the real estate; if we have the right infrastructure we can leverage more on tourism plus we can leverage more on the quality of life … we’re looking at 2030, this is the vision … to have the right infrastructure the time for more investors to come in real estate, entertainment, plus tourism and culture.”
