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Hasan Abdulla Ismaik
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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
1
ALEC
Yu Tao
2
CSCEC ME
Hamish Tyrwhitt
3
Arabtec Holding / Depa Group
Emad Azmy
4
Emad Azmy
Dr Eng Sani Sener
5
TAV Group
Samer Khoury
6
Consolidated Contractors Company (CCC)
Mohamed Alabbar
8
Emaar Properties
Stephen Flint
9
Khansaheb Civil Engineering
Patrick McKinney
10
BAM International

Awards

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You have until 20 January to submit your nominations for the ninth edition of the
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Conferences

CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this
CW In Focus | Leaders in Construction Summit UAE 2019
A roundup of Construction Week's annual summit that was held in Dubai this September

Latest Issue

Construction Week - Issue 765
Jun 29, 2020