Former Aldar Properties chief to lead Arabtec Constructions global operations
Reporting directly to Arabtecs managing director and chief executive officer Hasan Abdullah Ismaik, Asad will be responsible for the global operations of Arabtecs Construction Group and will focus on leading the current pipeline of major projects and driving the companys growth vision.
He joins Arabtec from Aldar, where he served as chief operations officer then as CEO. At Aldar, he led a massive strategic growth plan that saw the development of Yas Island, with the creation of such iconic attractions as Yas Marina Circuit, Ferrari World Abu Dhabi, Yas Waterworld, Yas Mall, Yas Links, Yas hotels.
Prior to Aldar, Asad worked in the oil and gas industry for Dolphin Energy and for Abu Dhabi National Oil Company (Adnoc).
Arabtec recently reported a net profit of AED155m ($42.2m) for the first half of this year, up 114 per cent from a year earlier. Quarterly net profit totalled AED92m, significantly higher than analysts estimates of about AED50m. It marked a quarter-on-quarter increase of 84 per cent after the company struggled with higher construction costs in previous quarters.
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.