Dubai's Arabtec appoints new COO

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Dubai-based construction firm Arabtec said on Wednesday that it has hired Murray & Roberts Contractors’ former managing director as its new chief operating officer.

Mark Andrews, who was also the managing director of Drake & Scull, will join the company in May, the firm said in an emailed statement. 

Arabtec replaced its CEO, founder Riad Kamal, and CFO in recent weeks in a management shake-up led by Abu Dhabi state fund Aabar, its top shareholder. New CEO Hasan Abdullah Ismaik said last week the company will grow organically as well as through acquisitions and the formation of joint ventures.

Arabtec, the UAE’s biggest construction company, said it may look to raise US$1.3bn over the next two years through rights issues. The firm aims to raise up to US$650m in rights issue this year, with a further rights issue of up to US$650m in 2014 if needed.

Ismaik added that the company may also issue a non-convertible bond of up to $450m at the end of the year if required.

“The capital raisings will ensure that funds are available at the right time and enable our shareholders to participate in each stage of our future growth,” he said in a statement.

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