Arabtec, the UAE’s largest-listed contractor, has appointed Mubadala Investment Company’s deputy group chief executive Waleed Al Muhairi to lead the firm as chairman, as the construction firm continues to stabilise its business amid difficult market conditions.
Mr Al Muhairi replaces Mohamed Al Rumaithi who has stepped down from the post, the company said in a statement to the Dubai Financial Market, where its shares trade.
Arabtec's board said the outgoing chairman helped guided Arabtec through “a tough market environment and challenging period ... [and] was instrumental in stabilising the business and building a sustainable strategy in the interest of Arabtec Group and its stakeholders”, according to the statement.
Mr Al Muhairi currently serves as Mubadala’s deputy group chief executive and chief executive of the sovereign fund’s Alternative Investments & Infrastructure platform. He has strategic oversight of Mubadala’s broad investment portfolio and special projects at the group level.
Mr Al Muhairi also leads the healthcare, real estate & infrastructure and capital investments portfolios of Mubadala, which has over $232 billion (Dh852bn) of assets.
A graduate of Harvard University and Georgetown University, Mr Al Muhairi also serves as a board member of Abu Dhabi Global Market, the emirate's international financial hub.
Arabtec, which is behind some of the most iconic projects in the UAE, including the Burj Khalifa, has reshuffled its top management as the company looks to steady its business amid the coronavirus-induced slowdown.
In April, the company promoted Wail Farsakh from group chief operating officer to chief executive and appointed Najeh Awad as acting chief financial officer.
Mr Wail who joined Arabtec in September last year had primarily focused on restructuring Arabtec’s construction business until his promotion.
Arabtec, which has a workforce of more than 45,000, reported its first full-year loss last year since 2016, mainly due to weaker income from its construction business. A slowdown in the real estate sector resulted in fewer contracts being awarded. The settlements and recovery of claims and losses from an investment in an associate company also reduced profitability.
However, Arabtec's industrial, infrastructure and mechanical, and electrical and plumbing business lines remained profitable last year.
Padmaavat
Director: Sanjay Leela Bhansali
Starring: Ranveer Singh, Deepika Padukone, Shahid Kapoor, Jim Sarbh
3.5/5
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – UAE won by 36 runs
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
BUNDESLIGA FIXTURES
Friday (UAE kick-off times)
Cologne v Hoffenheim (11.30pm)
Saturday
Hertha Berlin v RB Leipzig (6.30pm)
Schalke v Fortuna Dusseldof (6.30pm)
Mainz v Union Berlin (6.30pm)
Paderborn v Augsburg (6.30pm)
Bayern Munich v Borussia Dortmund (9.30pm)
Sunday
Borussia Monchengladbach v Werder Bremen (4.30pm)
Wolfsburg v Bayer Leverkusen (6.30pm)
SC Freiburg v Eintracht Frankfurt (9on)
'Saand Ki Aankh'
Produced by: Reliance Entertainment with Chalk and Cheese Films
Director: Tushar Hiranandani
Cast: Taapsee Pannu, Bhumi Pednekar, Prakash Jha, Vineet Singh
Rating: 3.5/5 stars
The Lost Letters of William Woolf
Helen Cullen, Graydon House
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
UAE currency: the story behind the money in your pockets
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
ULTRA PROCESSED FOODS
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars;
- energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes,
- many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts.
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
