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Sat 28 Apr 2012 04:56 PM

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Arabtec CEO sees no changes after Aabar stake deal

Riad Kamal says Abu Dhabi firm's stake will give strengthen Arabtec, offer opportunities

Arabtec CEO sees no changes after Aabar stake deal
Riad Kamal, CEO of Arabtec Holding.

Arabtec Holding Co, the biggest
builder in the UAE by market value, doesn’t expect any
management changes after Abu Dhabi’s state-owned Aabar Investments’ raised its shareholding.

Whether the
Aabar stake is “10 percent or 20 or 40 or 50 it’s the same for us,”
CEO Riad Kamal told reporters at Arabtec’s
shareholder meeting in Dubai on Saturday.

“It represents strong support for
the company and shows Aabar’s interest as a government entity in
strengthening our company and giving it opportunities.”

Aabar
boosted its ownership in the Dubai builder to more than 10 percent,
according to data compiled by Bloomberg.

Shareholders at the meeting
approved Arabtec’s new board that includes members from Aabar, which
dropped a $1.74bn offer for Arabtec two years ago.

Kamal said he expects to see more contracts in Abu Dhabi as a result of the Aabar stake.

Arabtec has
enough operational capital and doesn’t need to raise loans, the CEO
said. “There is no need for further financing now.”

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Skand Bhargava 6 years ago

Hmm...and the CEO itself is changed within an years...