Arabtec names Aabar chairman, CEO to board

Dubai builder nominates four execs from Aabar in growing sign of Abu Dhabi influence
Arabtec names Aabar chairman, CEO to board
Aabar CEO Al-Husseiny among those named to Arabtec board.
By Reuters
Thu 12 Apr 2012 12:20 PM

Dubai builder Arabtec has nominated four executives from investment firm and top shareholder Aabar to its board, it said on Thursday, a further sign of the Abu Dhabi state fund's growing influence in the company.

Aabar's Chairman Kadem Abdulla al-Qubaisi and CEO Mohammed Ahmed al-Husseiny were among executives included in the list of board member nominees, the company said in a regulatory filing on the Dubai bourse.

Sovereign fund Aabar, which owns stakes in high-profile names such as German carmaker Daimler, commodities trader Glencore and Italy's UniCredit, raised its Arabtec stake to 10.45 percent this month, just weeks after boosting its holding to 5.3 percent in early March.

The move made Aabar the largest shareholder and analysts have said the fund may increase its stake further in the Dubai builder.

The board recommendations have to be approved by the shareholders at the annual general meeting on April 28, the contractor said.

Only three members from the current board has been retained, which includes the Arabtec's CEO Riad Kamal.

Shares in Arabtec - which Aabar unsuccessfully tried to buy two years ago in a US$1.7bn deal for a 70-percent stake - has climbed by 115 percent this year.

For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.