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Hasan Abdulla Ismaik

Hasan Abdulla Ismaik

CEO, Arabtec Holdings
Mohammed Alabbar

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.

Other player

Kez Taylor
Yu Tao
Hamish Tyrwhitt
Arabtec Holding / Depa Group
Emad Azmy
Emad Azmy
Dr Eng Sani Sener
TAV Group
Samer Khoury
Consolidated Contractors Company (CCC)
Mohamed Alabbar
Emaar Properties
Stephen Flint
Khansaheb Civil Engineering
Patrick McKinney
BAM International


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Construction Week - Issue 765
Jun 29, 2020