The chief executive of Arabtec has amassed more than 21 per cent of the company's stock – worth more than Dh5.9 billion on yesterday's closing price.
The contractor revealed that Hasan Ismaik had increased his stake to 21.46 per cent from 8.03 per cent through open market purchases.
“Our investment in Arabtec is strategic,” said Mr Ismaik. “It reflects our high confidence in the high potentials it holds. We are aspiring to make it one of the top 10 firms on the globe in four years, in line with our Vision 2018 which has won the support of the board and the shareholders.”
The share purchase will make Mr Ismaik one of Arabtec's biggest share holders, alongside the Abu Dhabi Government-owned investment fund Aabar, which bought a major stake in Arabtec in 2012.
In March last year, Aabar announced to shareholders that it would not increase its stake in Arabtec above the 21 per cent stake it owned.
Mr Ismaik called on Arabtec shareholders to refrain from speculation.
Arabtec shares fell 5.4 per cent yesterday.
lbarnard@thenational.ae
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