Arabtec names four top executives from Aabar to its board

Dubai: Arabtec has named four top executives from Aabar to its board just weeks after the Abu Dhabi sovereign wealth fund upped its stake in the company to over 10 per cent.

The new board members - revealed in a statement on the Dubai Financial Market this morning - include Aabar chairman Kadem Abdulla Al Qubaisi and chief executive Mohammed Ahmad Al Husseiny.

Aabar has been gradually building its stake in Arabtec, the company that built the Burj Khalifa, from 5 per cent to 10 per cent already this year. As the result shares of the contracting giant have soared on the local bourse.

Shares in the company have risen 115 per cent this year as investors are buoyed by the involvement of a fund that owns stakes in high-profile names companies such as German carmaker Daimler, commodities trader Glencore and Italy's UniCredit.