Company: Arabtec Construction
As if the task facing Dr Nabil Ailabouni wasn’t already big enough, the departure last week of the man who appointed him has probably made things a little bit tougher.
Ailabouni was only appointed to his post as CEO of Arabtec’s construction arm in April, with former Arabtec Holding CEO Hasan Ismaik describing him as “an invaluable asset who wil help lead Arabtec to deliver our ambitious growth strategy”.
By last week, however, Ismaik, who had been tasked with implementing a five-year strategy, was gone after just 16 months into his role. He had led a rights issue that raised $653mn, with the proceeds being used to pursue higher-margin business and to buy out former shareholders MEP firm Efeco and oil & gas contracting business, Target.
It was through the latter that Dr Ailabouni came into the business. He joined Target in 1978 as a civil engineer and rose through the ranks. He now has the considerably bigger task of delivering a pipeline which stood at $7bn at the end of the first quarter, and has since been added to with two of its biggest ever deals – a $6.1bn agreement with shareholder Aabar Investments to deliver 37 new towers in Abu Dhabi and Dubai and a $40bn project with Egypt’s Ministry of Defense.