DUBAI May 28 The chief executive of Arabtec
Holding has raised his stake in the Dubai-based
contractor to 21.46 percent, the company said, in an investment
worth about $1 billion which it described as a vote of
confidence in the group's prospects.
Hasan Ismaik, who has been leading a growth strategy at the
company since taking charge early last year, bought the shares
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 or what he paid.
It said his previous holding was 8.03 percent. Based on the
current stock market value of the company, the increase in the
stake of 13.43 percent would be worth 3.7 billion dirhams ($1
Arabtec, which built the emirate's famous palm islands, is
trying to evolve from a local contractor into a multinational
development company as its finances are boosted by a recovery in
Dubai's property market.
It has made a series of big announcements this year,
including a contract with the Egyptian army to build one million
houses in a project worth 280 billion Egyptian pounds ($40.2
It also announced plans for a stock market listing of part
of its construction unit in Abu Dhabi next year.
Shares of Arabtec have risen 225 percent this year and are
among the most traded on the Dubai bourse.
($1 = 3.6730 UAE Dirhams)
(Reporting by Praveen Menon; Writing by David French; Editing
by Pravin Char and David Holmes)