Dubai's Arabtec CEO ups stake in company to 21.46 pct - statement

DUBAI Wed May 28, 2014 11:00am EDT

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DUBAI May 28 (Reuters) - The chief executive of Arabtec Holding has increased his personal stake in the Dubai-based contractor to 21.46 percent, a statement from the firm said on Wednesday.

Hasan Ismaik bought the shares directly from the market because of "his strong belief in the company's sound strategy and high potentials", the statement said.

It did not specify over what timeframe he increased his stake, although it said his previous holding was 8.03 percent. (Reporting by Praveen Menon; Writing by David French; Editing by Pravin Char)

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