Arabtec Chief Ismaik Quits After Market Punishes Shares
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Arabtec Holding Co. Chief Executive Officer Hasan Ismaik resigned after the United Arab Emirates’ biggest listed construction company lost a third of its market value in less than two weeks.
Ismaik said he had stepped down and would consider selling his 28.84 percent stake in the company if he gets an offer. Arabtec board member Mohamed Al Fahim will take over as acting CEO, according to two people with knowledge of the matter who asked not to be identified because the information is private. An Arabtec spokesman declined to comment before a board meeting.