Embattled Dubai builder Arabtec aims for more transparency, keeps Abu Dhabi firm's support
The chairman of the embattled Dubai construction firm that helped build the world's tallest tower has promised to improve transparency at the firm and says it retains the support of a major shareholder backed by the Abu Dhabi government.
Arabtec Chairman Khadem al-Qubaisi made the comments Wednesday during the company's first press conference since a series of setbacks that have hammered its share price and rattled investor confidence anew in the Mideast commercial hub of Dubai.
Major shareholder Aabar Investments, a state-run fund backed by Abu Dhabi, last month cut its stake in the company. Weeks later, CEO Hasan Ismaik resigned but retained a sizable stake in the firm, and Arabtec announced a restructuring involving job cuts.
Al-Qubaisi says Arabtec retains Aabar's support and is moving ahead with existing projects.