Arabtec Holding (ARTC) PJSC, the Dubai real-estate developer, appointed former Deutsche Bank AG (DBK) executive Shohidul Ahad-Choudhury as head of mergers and acquisitions and said growth is resuming in the industry.
Ahad-Choudhury will also act as a financial advisor to the managing director and chief executive officer, Arabtec said today in a statement to the Dubai stock exchange. He worked at Deutsche Bank for 12 years, with responsibility for banking activities in Oman, Bahrain and Kuwait, the company said.
The construction industry has returned to growth and levels of activity similar to those before the financial crisis are likely to be reached by 2014 or 2015, Arabtec said in a separate investor presentation. The company has a “strong” current backlog of 22 billion dirhams ($6 billion) with “clear visibility on future earnings,” it said.
The company, which is also expanding its so-called affordable housing, power and infrastructure units after Abu Dhabi-based Aabar Investments increased its direct stake to 21.6 percent, is preparing for growth by raising capital and enhancing management, it said.
To contact the editor responsible for this story: Dale Crofts at firstname.lastname@example.org