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Dubai’s Arabtec Holding has appointed a top executive of Abu Dhabi’s state fund as the new chairman of the board of directors.
Waleed Al Mokarrab Al Muhairi, who currently serves as Mubadala’s deputy group chief executive officer and chief executive officer of the Alternative Investments & Infrastructure platform, takes over the seat of Mohamed Thani Al Rumaithi, who recently tendered his resignation.
Al Muhairi holds a Master’s degree in public policy from Harvard University and a bachelor of science degree in foreign service from Georgetown University in the United States.
The Dubai-listed firm, which was involved in the building of the Louvre museum in Abu Dhabi, announced the new appointment in a filing to the Dubai Financial Market (DFM) on Monday. It came just weeks after reports that the construction group has laid off thousands of employees and imposed some salary cuts.
The Gulf construction industry has been grappling with the impact of oil price volatility. The current financial crisis and supply-chain disruptions caused by the coronavirus pandemic are adding to the challenges faced by companies in the sector.
The firm posted a $210.9 million net loss in 2019, the first annual loss since 2016. The company cited the slowdown in the real estate sector for the decline.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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