Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Arabtec Chairman Resigns, Is Replaced by Ibrahim Belselah

Sept. 20 (Bloomberg) -- Arabtec Holding Co., the United Arab Emirates’ biggest construction company, said Sheikh Butti bin Maktoum Al Maktoum resigned as chairman and will be replaced by Ibrahim Belselah. Arabtec also accepted the resignation of board member Sheikh Sultan bin Saqer Al Qassimi, the Dubai-based company said in a statement today.

Builders in the U.A.E. are struggling after developers canceled or delayed half of the real-estate projects planned in Dubai. Arabtec is among the companies that accepted Islamic bonds from Nakheel PJSC in lieu of cash after the developer failed to pay its trade creditors.

Last month, the company reported a 74 percent drop in second-quarter profit, missing analysts’ estimates, as costs increased by 91 percent. Credit Suisse Group AG cut Arabtec’s share-price estimate to 1.34 dirhams from 1.47 dirhams in September, citing “slowing contract awards and declining profitability.”

Arabtec shares peaked at 7.86 dirhams on July 24, 2008. The stock was little changed at 1.36 dirhams as of 12:06 p.m. in Dubai.

To contact the reporter on this story: Ross Larsen in London at rlarsen2@bloomberg.net.

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

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.