Arabtec’s annual general meeting was on Thursday postponed after it failed to achieve quorum.
Shareholders of the UAE’s largest listed construction company had been due to elect a new board of directors from of a slate of 16 nominees.
Khadem Al Qubaisi, Arabtec’s chairman, and Riad Kamal, the company’s founder, have both left the builder’s board.
Mr Kamal is said to have left the board 18 months ago – despite being listed as part of the company’s board on the Dubai Financial Market.
Yousef Omair bin Yousef, a former chief executive of Adnoc and a former Arabtec board member, is also not standing for the company’s board.
On Wednesday, a presidential decree announced a reshuffle at International Petroleum Investement Corporation (Ipic), the Abu Dhabi government-backed fund that owns Arabtec.
Mr Al Qubaisi left his role as Ipic managing director and was replaced by Suhail Al Mazrouei, the UAE’s energy minister.
Arabtec on Wednesday confirmed that it is in talks with banks in an attempt to finance a US$40 billion project to build 1 million homes in Egypt.
Its shares closed 3.7 per cent lower at Dh2.84 yesterday on the DFM.
abouyamourn@thenational.ae
Follow The National's Business section on Twitter
