Arabtec Holding has promoted Sami Asad, the head of its construction group, to lead a newly created Egyptian subsidiary as the company prepares to build a million homes in Egypt.
Mr Asad will become the chief executive of the new Arabtec Egypt for Real Estate Development, the arm of the company that has been charged with delivering Arabtec’s Egyptian projects.
Last month, Arabtec secured a US$40 billion deal with the Egyptian government to build affordable housing in 13 locations across the country in what is believed to be the largest housing project in the Arab world.
The company later said it had begun talks with the Egyptian government towards setting up a joint venture to build the homes and to help raise financing from local Egyptian banks to fund construction.
Mr Asad comes to the new job less than a year after joining Arabtec from Abu Dhabi the property developer Aldar, where he served as the chief operations officer, then as chief executive.
“We believe the Egyptian economy, which holds high investment potentials in a broad range of areas, is poised for a significant upturn, particularly with the current governmental policies geared towards encouraging foreign investment,” Mr Asad said.
He will be replaced at Arabtec Construction by Nabil Ailabouni, a former chief executive of the civil engineering company Target Engineering.
Shares of Arabtec rose nearly 2 per cent on the Dubai Financial Market to Dh6.14 per cent. Year-to-date, the share price has gained 114 per cent.
lbarnard@thenational.ae
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F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
MATCH INFO
Chelsea 3 (Abraham 11', 17', 74')
Luton Town 1 (Clark 30')
Man of the match Abraham (Chelsea)
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Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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Stamp duty timeline
December 2014: Former UK finance minister George Osbourne reforms stamp duty, replacing the slab system with a blended rate scheme, with the top rate increasing to 12 per cent from 10 per cent:
Up to £125,000 - 0%; £125,000 to £250,000 – 2%; £250,000 to £925,000 – 5%; £925,000 to £1.5m: 10%; Over £1.5m – 12%
April 2016: New 3% surcharge applied to any buy-to-let properties or additional homes purchased.
July 2020: Rishi Sunak unveils SDLT holiday, with no tax to pay on the first £500,000, with buyers saving up to £15,000.
March 2021: Mr Sunak decides the fate of SDLT holiday at his March 3 budget, with expectations he will extend the perk unti June.
April 2021: 2% SDLT surcharge added to property transactions made by overseas buyers.
How to keep control of your emotions
If your investment decisions are being dictated by emotions such as fear, greed, hope, frustration and boredom, it is time for a rethink, Chris Beauchamp, chief market analyst at online trading platform IG, says.
Greed
Greedy investors trade beyond their means, open more positions than usual or hold on to positions too long to chase an even greater gain. “All too often, they incur a heavy loss and may even wipe out the profit already made.
Tip: Ignore the short-term hype, noise and froth and invest for the long-term plan, based on sound fundamentals.
Fear
The risk of making a loss can cloud decision-making. “This can cause you to close out a position too early, or miss out on a profit by being too afraid to open a trade,” he says.
Tip: Start with a plan, and stick to it. For added security, consider placing stops to reduce any losses and limits to lock in profits.
Hope
While all traders need hope to start trading, excessive optimism can backfire. Too many traders hold on to a losing trade because they believe that it will reverse its trend and become profitable.
Tip: Set realistic goals. Be happy with what you have earned, rather than frustrated by what you could have earned.
Frustration
Traders can get annoyed when the markets have behaved in unexpected ways and generates losses or fails to deliver anticipated gains.
Tip: Accept in advance that asset price movements are completely unpredictable and you will suffer losses at some point. These can be managed, say, by attaching stops and limits to your trades.
Boredom
Too many investors buy and sell because they want something to do. They are trading as entertainment, rather than in the hope of making money. As well as making bad decisions, the extra dealing charges eat into returns.
Tip: Open an online demo account and get your thrills without risking real money.
Western Region Asia Cup T20 Qualifier
Sun Feb 23 – Thu Feb 27, Al Amerat, Oman
The two finalists advance to the Asia qualifier in Malaysia in August
Group A
Bahrain, Maldives, Oman, Qatar
Group B
UAE, Iran, Kuwait, Saudi Arabia
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