Arabtec has announced that it will be holding its second board meeting of the year on February 12 to discuss its 2016 results, the UAE’s largest listed construction company said in a statement to the Dubai Financial Market this morning.
Arabtec’s shares were suspended on the DFM on January 23 as the company’s board of directors met for the first time this year, with many analysts expecting that the company would publish its results shortly afterwards.
The results were not published and were trading again the following day.
Arabtec reported an annual net loss of Dh2.34 billion in 2015 on the back of a revenue of Dh7.25bn.
It has reported quarterly losses for the past two years as the company has struggled to cut huge costs amassed during a rapid expansion two years earlier.
During the tenure of Hasan Ismaik, who was the company’s chief executive between 2012 and 2014, Arabtec expanded rapidly, announcing an ambitious list of projects around the world amid plans to become one of the world’s 10 biggest builders – an exponential jump from its global ranking of 187 in 2012.
In mid-2014, when Mr Ismaik left the company, Arabtec shares plummeted, forcing the company to get rid of hundreds of staff, including most of its senior executives.
In November, Arabtec appointed Hamish Tyrwhitt, the chief executive of the global interior solutions company Depa, as its new chief executive as the company attempted to signal that it had turned a corner.
Arabtec shares stood at Dh1.38 at noon on Wednesday, down from Dh1.39 at close the day before.
lbarnard@thenational.ae
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Director: Tom Tykwer
Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger
Rating: 3/5
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November 30-December 2, at The Sevens, Dubai
Gulf Under 19
Pool A – Abu Dhabi Harlequins, Jumeirah College Tigers, Dubai English Speaking School 1, Gems World Academy
Pool B – British School Al Khubairat, Bahrain Colts, Jumeirah College Lions, Dubai English Speaking School 2
Pool C - Dubai College A, Dubai Sharks, Jumeirah English Speaking School, Al Yasmina
Pool D – Dubai Exiles, Dubai Hurricanes, Al Ain Amblers, Deira International School
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La Mer beach is open from 10am until midnight, daily, and is located in Jumeirah 1, well after Kite Beach. Some restaurants, like Cupagahwa, are open from 8am for breakfast; most others start at noon. At the time of writing, we noticed that signs for Vicolo, an Italian eatery, and Kaftan, a Turkish restaurant, indicated that these two restaurants will be open soon, most likely this month. Parking is available, as well as a Dh100 all-day valet option or a Dh50 valet service if you’re just stopping by for a few hours.
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%3Cul%3E%0A%3Cli%3ECystic%20fibrosis%20is%20a%20genetic%20disorder%20that%20affects%20the%20lungs%2C%20pancreas%20and%20other%20organs.%3C%2Fli%3E%0A%3Cli%3EIt%20causes%20the%20production%20of%20thick%2C%20sticky%20mucus%20that%20can%20clog%20the%20airways%20and%20lead%20to%20severe%20respiratory%20and%20digestive%20problems.%3C%2Fli%3E%0A%3Cli%3EPatients%20with%20the%20condition%20are%20prone%20to%20lung%20infections%20and%20often%20suffer%20from%20chronic%20coughing%2C%20wheezing%20and%20shortness%20of%20breath.%3C%2Fli%3E%0A%3Cli%3ELife%20expectancy%20for%20sufferers%20of%20cystic%20fibrosis%20is%20now%20around%2050%20years.%3C%2Fli%3E%0A%3C%2Ful%3E%0A
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
UAE currency: the story behind the money in your pockets
'Project Power'
Stars: Jamie Foxx, Joseph Gordon-Levitt, Dominique Fishback
Director: Henry Joost and Ariel Schulman
Rating: 3.5/5
