Arabtec names new acting CEO

Dubai: Dubai-listed builder Arabtec said on Tuesday its board accepted the resignation of acting chief executive Mohamed al-Fahim and appointed a replacement.

The announcement confirmed a Reuters story on Monday quoting sources as saying the company had replaced its acting chief executive and put another board member in temporary charge.

The loss-making firm, whose largest shareholder is Abu Dhabi state fund Aabar, appointed Arabtec board member Saeed al-Mehairbi as its new acting chief executive, it said in a bourse announcement.

The company did not give reasons for the change.