Dubai: Arabtec Holding Co Chairman Khadem Al Qubaisi and founder Riad Kamal are poised to leave the construction company after their names were omitted from a list of nominees for the board.
Nabil Al Kendi was also excluded from the list of 16 people seeking membership of the board at the UAE’s largest publicly-traded contractor, according to a regulatory filing posted on Dubai bourse’s website on Thursday.
Al Qubaisi was at the helm of Arabtec when it triggered a crash in Dubai’s stock in June after a dispute with Chief Executive Officer Hasan Ismaik led to his resignation and the subsequent dismissal of top managers. Al Qubaisi is the managing director of International Petroleum Investment Co, known as IPIC. He’s also chairman of Aabar Investments PJSC, which owns 36.11 per cent of Arabtec.
“It’s clear the change concerning the chairman comes from a much higher place than the company’s board,” Wadah Al Taha, the Dubai-based chief investment officer of Al Zarooni Group, said by phone today. “There were no indications of this change and the new list includes unknown names.”
The bigger loss is Riad Kamal, Al Taha said. “He knew the company in and out and led it wisely before.
