Dubai developer Arabtec replaces acting CEO – sources

Dubai-listed builder Arabtec has replaced its acting chief executive and put another board member in temporary charge, two sources familiar with the matter told Reuters Monday.

The loss-making firm, whose largest shareholder is Abu Dhabi state fund Aabar , has been in turmoil for the past 18 months. Its former chief executive and then biggest shareholder Hasan Ismaik quit after a dispute between Aabar , while other senior staff have also departed along with its chairman.

The latest reshuffle sees acting CEO Mohamed al-Fahim – installed in temporary charge following Ismaik’s exit in June 2014 – step down, although he will remain on Arabtec’s board, said two sources speaking on condition of anonymity.

source: Real Estate