Dubai: Arabtec Construction now has a new CEO, as a tight project market and disappointing results seem to have led to the departure of the previous incumbent, Boyd Merrett.

The Group’s chief operating officer Wail Farsakh assumes the role of the CEO, the company said in a statement on the Dubai Financial Market. Arabtec recorded revenues of Dh2.19 billion in the second quarter against Dh2.39 billion a year earlier. Profits for the period came to Dh26.1 million. Merrett’s departure as Arabtec works on a possible merger with Trojan Holding, headquartered in Abu Dhabi.