Company: Arabtec Construction
Arabtec Holding appointed Raja Hani Ghanma as CEO of its wholly-owned construction subsidiary, Arabtec Construction, towards the end of the first quarter of this year. Promoted from the position of COO, Ghanma had worked at the company for more than 20 years, and had been a board member of Arabtec Holding from 2008 to 2014.
Arabtec Construction’s parent company reported a net loss of $76.2m (AED279.8m) for the first quarter of 2015, compared to a net profit of $37.5m (AED137.9m) for the corresponding period of 2014.
In a statement to the Dubai bourse, Arabtec stated there was “noticeable pressure on the company’s ability to document its claims and variation orders, at a time when the construction sector is generally witnessing significant pressure due to economic and political circumstances in the region”.
According to Chairman Khadem Al-Qubaisi, the company will soon begin the first phase of its housing project in Egypt. Arabtec is currently in talks with banks to secure between $100m and $200m to launch the first phase of the development, which is expected to take five to seven years to complete.
Arabtec will work with local contractors, such as Orascom Construction, to build mid-income houses for the community. Initially, the project will involve the construction of 100,000 units.