Arabtec 09
Arabtec taps Mubada's Deputy CEO as its new Chairman. Image Credit: Gulf News Archive

Dubai: The construction giant Arabtec has got itself a new chairman, in Waleed Al Mokarrab Al Muhairi after his election as a new member of the Board of Directors.

He replaces Mohamed Thani Al Rumaithi who tendered his resignation.

Al Muhairi has some serious credentials to back his new status, including currently serving as Mubadala’s Deputy Group CEO and CEO of the Alternative Investments & Infrastructure platform.

He holds a Master's degree in Public Policy from Harvard University, and a Bachelor of Science Degree in Foreign Service from Georgetown University in the US.

As for Al Rumaithi, his tenure will be seen as guiding Arabtec through a “tough market environment”. The construction arm had losses of Dh774 million last year.