Arabtec says recent media reports were based on inaccurate rumours
Dubai-based Arabtec has said it has laid off a limited number of staff to boost productivity and reduce costs. The company added that the internal actions were aimed at enhancing the firms performance and helping it move forward with its growth strategy.
The statement follows recent news reports that hundreds of staff had been laid off in the wake of the departure of CEO Hasan Abdullah Ismaik, who resigned last week. It is understood that Mohammad al-Fahim has been appointed acting CEO.
Speculation on the future of the Dubai-listed construction company has been growing after the companys share price fell from a high of AED9.88 ($2.70) on 7 May to close at AED4.37 on 17 June.
Arabtec said recent reports in the media about the companys internation conditions were based on inaccurate rumours, and it maintained that its structure and administration remained strong.
Download the MEED app today from the Apple store and the Google Play store
You might also like...
UAE firm breaks ground on Kezad food facility
17 May 2024
Chinese firm signs National Housing Company deal
17 May 2024
Two bid for 90-100MW Bahrain solar contract
17 May 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.