Arabtec chief presents 2018 vision
Company to carry out 'multiple acquisitions and mergers'
Dubai's largest listed builder Arabtec will carry out multiple acquisitions and mergers by 2018, the chief executive of the company said at the annual shareholders' meeting on Wednesday, reported news agency Reuters.
In a presentation on his 2018 vision for Arabtec, chief executive Hasan Ismaik said the company would "carry out multiple acquisitions and mergers with attractive value to Arabtec in sectors with high profit margins".
Ismaik also said that Arabtec Holding plans to list 40% of its construction unit in an initial public offering (IPO) on the Abu Dhabi bourse next year, which he valued at $2.7bn (AED10bn).
Ismaik, speaking at a press conference after the company's annual shareholders meeting in Abu Dhabi, added Arabtec also had plans to list parts of the firm on the London, Hong Kong and U.S. markets in the coming years, but did not elaborate.
The contractor, in which Abu Dhabi state fund Aabar is a key stakeholder, has won a series of contracts in the region this year including high-profile projects such as the development of Abu Dhabi's main airport and building of a Louvre museum and a contract to build one million homes in Egypt.
Analysts polled by Reuters expect the company to nearly double its first quarter net profit year-on-year.