Arabtec announces appointment of new chairman

Dubai: The board of Arabtec has appointed Mohamed Thani Murshed Ghannam al-Rumaithi as the new chairman, the company announced on Wednesday.

Al-Rumaithi, who is replacing Khadem Abdulla al-Qubaisi, is currently the chairman of Abu Dhabi Chamber of Commerce and Industry.

His appointment comes at a time when Arabtec’s shares shed 62 per cent in the past 12 months.

The company has also appointed Mohamed Hamad Ghanem Hamad Al Mehairi as  vice chairman. Shares of Arabtec recovered from early losses to trade Dh2.65, down 1.12 per cent.