Sami Asad to head up new Arabtec subsidiary
Asad new CEO of Arabtec Egypt for Real Estate Development
Arabtec Holding has appointed Sami Asad as chief executive officer (CEO) for its newly created subsidiary, Arabtec Egypt for Real Estate Development.
The new outfit will be involved in a multitude of projects, notebly the one million housing units Arabtec will develop and construct in 13 locations across Egypt, the biggest project of its kind in the region which will be led directly by Asad.
Commenting on the appointment, Arabtec Holding managing director and CEO Hasan Ismaik said: “Mr. Asad’s strong background, proven experience in managing mega construction and engineering projects make him the natural choice for leading our new subsidiary which will focus on the real estate sector in Egypt and launch a number of mega projects.”
He added: “The Egyptian market holds lucrative opportunities in a host of areas, including infrastructure sector. The creation of this subsidiary will further consolidate our drive to diversify our business into other high-margin segments.”
Asad brings over 25 years in the development and construction field. He joined Arabtec from Abu Dhabi real estate development company Aldar, where he served as chief operations officer then as chief executive officer.
At Aldar, he led a massive strategic growth plan that saw the development of Yas Island as a sought after tourist and business destination, with the creation of such iconic attractions as Yas Marina Circuit, Ferrari World Abu Dhabi, Yas Waterworld, Yas Mall, Yas Links, Yas hotels, and infrastructure works. He was also in charge of a host of residential and commercial developments in Al Raha Beach, Al Falah National Housing, Central Market and other initiatives that are contributing significantly to Abu Dhabi’s economic development.
Prior to Aldar, Asad worked in the oil and gas industry as deputy vice president of projects for Dolphin Energy and for Abu Dhabi National Oil Company (ADNOC) where he spent 20 years in a number of engineering executive roles.
Asad commented: “I am proud to be leading this new subsidiary in Egypt, and I thankful to Mr Ismaik for his trust in me. We believe the Egyptian economy, which holds high investment potentials in a broad range of areas, is poised for a significant upturn, particularly with the current governmental policies geared towards encouraging foreign investment. I do hope the new subsidiary will be an invaluable addition to Arabtec’s diverse offerings.
"On the personal level, I am particularly pleased to be back to Cairo, where I had my undergraduate studies, and to be part of a host of projects that will benefit the Egyptian people, particularly the project that will provide homes for millions of Egyptians.”