Abu Dhabi: Arabtec, is set to move forward with all its projects inside and outside the UAE, and maintains the support of major shareholder, Aabar Investments, chairman Khadem Al Qubaisi confirmed.
At a press conference held on Wednesday, Al Qubaisi said that Arabtec’s project in Egypt that aims to build one million homes, is in the design phase, and is progressing smoothly.
Arabtec’s projects in the UAE and internationally are valued at Dh26.2 billion.
Al Qubaisi discussed Arabtec’s performance on the stock market promising shareholders increasing transparency.
“We assure you that transcripts will improve a lot over the next few months, and you will hear more news coming out of Arabtec,” he said.
The chairman also assured shareholders that the company has not suffered financially, and expected positive quarterly results, which will be released by the end of July.
As for the layoff of a number of staff in late June, Al Qubaisi said that the company is going through a restructuring process that aims to focus on the Arabtec’s core business — construction.
“The restructuring is healthy for the company because it means focusing on the backbone of [Arabtec], which is construction. We terminated the right people. Productivity increased, and efficiency increased after staff dismissals,” he said.
The layoffs came shortly after CEO Hasan Ismaik, resigned. While Al Qubaisi declined to discuss matters regarding Ismaik, he assured that there is no corruption related to the former CEO.
