Arabtec appoints new chief executive at construction arm
Dubai’s largest builder Arabtec Holding has appointed the company veteran Raja Ghanma as the new chief executive of its construction arm.
In a statement to the Dubai Financial Market , Arabtec Holding said that Mr Ghanma, who has worked at the company for the past 20 years, was previously the chief operating officer of Arabtec Construction.
Mr Ghanma, who was a board member of Arabtec Holding from 2008 to 2014, is a trusted pair of hands at the company, which is emerging from a turbulent year of hirings and firings.
Arabtec Holding underwent a dramatic restructuring last summer after its former chief executive Hasan Ismaik left in June. Scores of jobs were axed across the company shortly afterwards.
Mr Ghanma replaces the oil and gas specialist Nabil Ailabouni, who was appointed to the position by Mr Ismaik in April last year.
Before that the post was filled by the former Aldar chief executive Sami Asad, who took over for less than a year in August 2013 before moving on to head Arabtec’s Egyptian business.
Arabtec Holding stock lost 0.44 per cent on Tuesday to close at Dh2.28. Shares in Arabtec are currently trading at about the same level they were at in January 2014 – before Mr Ismaik’s expansion policy drove them up to a peak of Dh7.38 in early May last year.
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Published: March 31, 2015 04:00 AM