Dubai – Mubasher: The UAE’s construction group Arabtec Holding announced the appointment of Raja Hani Ghanma as CEO for Arabtec Construction.
Ghanma’s appointment will support the company’s continuous development efforts to maintain its dynamic strategy and achieve greater success, Arabtec said in its filing to the Dubai Financial Market (DFM).
Ghanma has worked at Arabtec for over 20 years and was among the founders of Arabtec Holding in 2004.
Arabtec Chairman Khadem Al-Qubaisi recently revealed that the company will soon begin the first phase of its housing project in Egypt.
The company is currently in talks with banks to secure between $100 million and $200 million to launch the first phase, which is expected to take five to seven years to complete, he added.
Arabtec will work with local contractors, such as Orascom Construction, to build middle-income houses in its project that will initially involve the construction of 100,000 units, the chairman told the Wall Street Journal.
The company recently reported a 48.4% drop in its annual profits to AED 241.6 million in 2014 compared to AED 468.26 million in 2013. Arabtec said it turned to loss in Q4-14 with AED 114 million in losses against AED 101 million in profits during the same period in 2013.
Arabtec’s capital amounts to AED 3.14 billion at par value of AED 1 per share.
