Arabtec Chief Executive Ismaik Almost Doubles His Holding to 8%

Hasan Abdullah Ismaik, chief executive officer of Arabtec Holding Co. (ARTC), almost doubled his stake in the Dubai-based building company to about 8 percent.

Ismaik’s holding appeared on a list of shareholders published on the Dubai exchange’s website. The CEO previously owed about 4.5 percent of the stock, according to a spokeswoman who asked not to be identified, citing company policy. Arabtec is the United Arab Emirates’ largest construction company.

“I am extremely confident in Arabtec’s strategy and the new board of directors,” Ismaik said in a statement today.

Arabtec has lagged behind Dubai’s main index, gaining 16 percent this year compared with 44 percent for the Dubai Financial Market General Index. (DFMGI)

To contact the reporter on this story: Zainab Fattah in Dubai at zfattah@bloomberg.net

To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net

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