Arabtec Executive Exits Cast Doubt on Global Expansion Plans

Arabtec Holding Co.’s ambition to become one of the world’s largest construction companies is in doubt after managers behind the plans were said to have quit or been dismissed.

The resignation of Chief Executive Officer Hasan Ismaik last week was followed by the termination and resignation of hundreds of employees, according to people with knowledge of the situation. They include Chief Operating Officer Mark Andrews, Chief Information Officer Gordon Jack and Chief Risk Officer David Doyle, said the people, who asked not to be named because they’re not authorized to discuss the matter. Arabtec denied it let go of hundreds of staff, adding that it dismissed a “limited” number of people, according to a statement to Dubai’s bourse today.