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Thu 24 Mar 2011 07:08 PM

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UAE's Arabtec names new CEO for construction unit

UAE's largest builder by market value appoints Grigoris Christofides as CEO of Arabtec Construction

UAE's Arabtec names new CEO for construction unit
Arabtec is the UAEs largest builder by market value

Arabtec Holding Co, the UAE’s largest builder by market
value, appointed Grigoris Christofides as the new CEO of its construction
division, the company said Wednesday.

“[Existing CEO] Tom Barry is retiring and Grigoris is now
the CEO of Arabtec Construction, a subsidiary of Arabtec Holding,” Ziad
Makhzoumi, COO of Arabtec Construction told Arabian Business.

Christofides will take over as CEO immediately. Barry will
remain on the board of directors of Arabtec Construction.

Christofides joined Arabtec Construction as project manager
in 1996 and has been an executive director since 2006, the company said in a
statement on Thursday.

Arabtec reported a full-year net profit of AED307.1m
($83.61m) for 2010, down 38 percent from a year earlier.

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