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.
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