Arabtec confirms its CEO resigns; Fahim to be acting CEO

June 18, 2014 - 1:42:50 pm

DUBAI: Hasan Ismaik, chief executive of major Dubai construction firm Arabtec, has resigned, an Arabtec spokesman confirmed to Reuters on Wednesday.

The spokesman said the resignation would take effect after a company board meeting scheduled for Wednesday afternoon in Abu Dhabi.

A source familiar with the situation, who declined to be identified, said Mohamed Al Fahim, a board member from Abu Dhabi's International Petroleum Investment Company (IPIC), would become Arabtec's acting CEO.

The source also said Ismaik would "for the time being" continue to hold his 28.85 percent stake in Arabtec.

Arabtec shares were up 4.5 percent at 4.40 dirhams at 0940 GMT, recovering early session losses. (Reuters)