Hasan Abdullah Ismaik controversially left the firm in May 2014
Former Arabtec Holding CEO Hasan Abdullah Ismaik has increased his shareholding in the company to 11.91 per cent, up from 11.81 per cent.
The value of shares in the UAE firm rose by more than 14 per cent on 29 February after the data was reported on the Dubai Financial Market website. It was reported that the stock registered its highest-ever one-day volumes, with about 414 million shares traded.
Ismaik resigned from his post in May 2014. While he was CEO, he amassed a 21.5 per cent stake in the company and became Arabtecs largest shareholder a move that also reportedly made him Jordans first billionaire. Ismaik later sold a large portion of this holding to Abu Dhabi-based Aabar Investments.
During his time as CEO, Ismaik oversaw a series of radical changes at Arabtec Holding. Despite being a newcomer to the industry, he spearheaded a series of daring moves that saw the firm sign multibillion-dollar construction contracts, form joint ventures that will take it into new sectors such as hydrocarbons and heavy infrastructure, take complete ownership of its subsidiaries, and target companies for acquisition.
Future unclear for Arabtec
Since May 2014, Dubai-listed Arabtec Holding has endured a torrid time. The construction company has been reporting heavy losses and its share price has fallen 83 per cent from a high of AED6.84 ($1.86) in May 2014 to AED1.15 on 28 January 2016.
Before May 2014, Abu Dhabi-based investment vehicle Aabar Investments played an active role in managing and promoting Arabtec Holding, with Aabar executives Hasan Abdullah Ismaik as CEO and Khadem al-Qubaisi as chairman. Following their departure, Abu Dhabis control of the firm has been low-profile, leaving many to question what the future holds for the firm. Read more
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