Khaldoun Al Tabari

Full Report

Key Points

• Khaldoun Rashid Said Al-Tabari, a Jordanian businessman, was arrested in January 2020 in connection with an Interpol Red Notice for alleged financial crimes in the UAE, including misappropriation, fraud, and embezzlement.

• Formerly the CEO of Drake & Scull International (DSI), Tabari is linked to a network of 36 companies across eight jurisdictions, with 10 still active, involving him or his immediate family.

• Allegations stem from complaints filed by DSI in 2018, accusing Tabari and his daughter of financial misconduct during his tenure.

• His business interests span construction, facilities management, and wealth investment, with significant operations in Jordan, UAE, Lebanon, and the UK.

• Legal and reputational risks remain high due to ongoing investigations and his continued control over active companies.

Overview

Khaldoun Rashid Said Al-Tabari is a Jordanian tycoon and former chief executive of Drake & Scull International (DSI), a Dubai-based construction company with extensive operations across the Middle East. Born in Jordan, Tabari led DSI from 1998 until October 2016, overseeing its 2008 initial public offering on the Dubai Financial Market. After resigning from DSI’s board in February 2017, he sold his remaining shares but maintained a broad corporate network. Tabari is the ultimate beneficial owner (UBO) or shareholder in multiple companies, notably EMCOR Facilities Services Group Ltd Jordan, alongside his children. His business ventures include general contracting, facilities management, and wealth management, with entities like Tathniya Contracting (Jordan) and Vision Investments and Holdings (UAE). Tabari’s operations are concentrated in the Middle East and North Africa, with some presence in the UK.

Allegations and Concerns

• Financial Crimes in the UAE: In 2018, DSI filed complaints accusing Tabari and his daughter of misappropriation, fraud, and embezzlement. These allegations led to an Interpol Red Notice and his arrest in January 2020 at Queen Alia Airport in Amman, Jordan, while attempting to board a UK-bound flight. The charges relate to financial misconduct during his DSI tenure.

• Opaque Corporate Network: Tabari is linked to 36 companies, many in jurisdictions with limited transparency, raising concerns about potential hidden financial activities or conflicts of interest. His continued role in 10 active companies, despite legal troubles, suggests ongoing influence and risk.

• Potential Risk to Business Partners: His ownership in EMCOR Jordan, a significant facilities management provider, and other firms may expose partners to reputational and legal risks due to his criminal allegations.

Customer Feedback

No direct consumer reviews or testimonials specific to Tabari or his companies were identified in the provided sources. As a corporate executive and shareholder, Tabari’s public-facing activities are limited, and his businesses (e.g., EMCOR, Tathniya Contracting) primarily serve governmental or corporate clients rather than individual consumers. The absence of customer feedback may reflect the B2B nature of his operations or limited public exposure. However, the serious allegations against him could deter potential clients or partners, though no explicit complaints from customers were noted.

Risk Considerations

• Financial Risk: Tabari’s alleged involvement in fraud and embezzlement, combined with his extensive corporate network in opaque jurisdictions, increases the risk of financial instability or hidden liabilities for associated companies.

• Reputational Risk: The Interpol Red Notice and high-profile arrest tarnish Tabari’s reputation, potentially impacting the credibility of his active companies, such as EMCOR Jordan, which serves major clients.

• Legal Risk: Ongoing investigations in the UAE and Jordan, coupled with the possibility of extradition or further charges, pose significant legal uncertainties. His control over active companies may attract regulatory scrutiny.

• Operational Risk: The complexity of Tabari’s corporate network, spanning multiple jurisdictions, could complicate oversight and compliance, increasing the likelihood of operational missteps.

Business Relations and Associations

• Drake & Scull International (DSI): Tabari served as CEO until 2016 and was a major shareholder until 2017. DSI, once a subsidiary of EMCOR, is a key player in Middle Eastern construction.

• EMCOR Facilities Services Group Ltd Jordan: Tabari holds a 50% stake, with the other 50% owned by EFS Facilities Services, a Dubai-based provider. EMCOR Jordan serves over 300 governmental and international organizations.

• Family Involvement: Tabari’s children are shareholders and directors in several companies, including Vision Investments and Holdings (UAE) and First Group for Development and Investment (Jordan).

• Other Entities: Tabari is the UBO of Tathniya Contracting (Jordan) and has interests in wealth management firms, indicating a diversified portfolio.

Legal and Financial Concerns

• UAE Criminal Charges: Tabari faces charges of misappropriation, fraud, and embezzlement, as alleged by DSI in 2018. These led to his 2020 arrest in Jordan under an Interpol Red Notice. The case remains unresolved, with potential for further legal action.

• No Bankruptcy Records: No evidence of personal or corporate bankruptcy was found, but the financial misconduct allegations suggest possible financial mismanagement during his DSI tenure.

• Corporate Liabilities: The opaque nature of Tabari’s 36 companies, many in hard-to-access jurisdictions, raises concerns about undisclosed debts or liabilities.

• Regulatory Scrutiny: His continued control over active companies may invite regulatory investigations, particularly in jurisdictions like the UAE and Jordan, where financial transparency is a priority.

Risk Assessment Table

Khaldoun Rashid Said Al-Tabari’s profile as a seasoned businessman is overshadowed by serious allegations of financial misconduct, which pose substantial risks to his reputation, finances, and legal standing. His leadership at DSI and extensive corporate network demonstrate business acumen, but the 2018 DSI complaints and subsequent arrest highlight significant ethical and legal concerns. The pros of engaging with Tabari’s companies, such as EMCOR Jordan, include access to established networks and major clients. However, the cons—high legal and reputational risks, potential financial instability, and regulatory challenges—far outweigh these benefits.