x Abu Dhabi, UAETuesday 25 July 2017

Arabtec moves staff to Abu Dhabi after Aabar raises stake in company

Arabtec Holding has moved employees to neighbouring Abu Dhabi after a firm backed by the UAE capital increased its stake and took seats on the board last year.

Arabtec Holding, Dubai's largest construction company, has moved employees to neighbouring Abu Dhabi after a firm backed by the UAE capital increased its stake and took seats on the board last year.

"A number of staff," have been transferred to Abu Dhabi to accommodate the company's increasing projects there, Arabtec spokesman Bassam N Dean said, without specifying the number of employees or the departments being moved. The company's headquarters remain in Dubai, he said.

Aabar Investments, backed by one of Abu Dhabi's sovereign wealth funds, last year raised its stake in Arabtec to 21.6 per cent. The company has won large projects in Abu Dhabi in the past year, including construction of a branch of the Louvre museum and the Midfield terminal at Abu Dhabi airport. Aabar, which dropped a $1.74 billion takeover offer for Arabtec almost three years ago, was delisted from Abu Dhabi's stock exchange in 2010.

Four Aabar executives were added to Arabtec's board in May and Aabar chairman Khadem Al Qubaisi became chairman of the construction company. Hasan Ismaik became Arabtec's managing director last year after he was named to the company's board in August, according to the company's website.

 

* Bloomberg News