Hasan Abdulla Ismaik
Taking top spot in this year’s Power 100 is the new boss of the Middle East’s biggest publicly-quoted construction company, which has embarked on a clear new strategy to become even bigger under his leadership.
Arabtec, which employs 42,000, underwent a massive shakeup earlier this year where longstanding CEO Riad Kamal – last year’s Power 100 number 3 - and finance chief Ziad Mahzoumi were replaced.
Ismaik was appointed to Arabtec’s board in August last year becoming CEO in February when he appointed five key posts as part of a new group strategy, which will see the company raise $1.75 billion over the next two years. The rights issue opened this month and aims to raise up to AED2.35 billion to help fund a five-year growth strategy.
Ismaik said that he believed the revamped company “enhances Arabtec’s international experience and knowledge.”
He has made it clear the company will focus on high-margin contracts like oil, gas and infrastructure, which currently accounts for just over a quarter of its work. That includes a new joint venture with South Korea’s Samsung Engineering.
Arabtec is set to take over the entire 59-storey commercial tower at Aldar’s World Trade Centre Development when it’s finished in September allowing “room for our expansion,” said Ismaik.