Dubai-based Arabtec Holdings is in merger talks with Kuwait’s Combined Group Contracting Co and Saudi Arabia’s Saudi Oger to create a pan-Gulf construction firm, Kuwaiti newspaper Al-Qabas reported on Wednesday.
The newspaper quoted unnamed sources. Spokesmen at the companies could not immediately be reached for comment.
Arabtec, part-owned by Abu Dhabi state fund Aabar Investments, reported last week that it swung to a second-quarter net profit, helped by growth in its key markets and expense reductions.
Arabtec has hired the former chief executive of Abu Dhabi’s Aldar Properties to head the group. Sami Asad will be the chief executive of Arabtec , the contractor said in an emailed statement, adding he will be in charge of the global operations of the group.
Asad, who was CEO of Aldar since 2010, stepped down from his role on Aug 15.
Arabtec underwent a major management shake up in February, replacing its founder and Chief Executive Riad Kamal with Abu Dhabi-based private investor Hasan Abdullah Ismaik.
In his new role at Arabtec, Asad will report directly to Ismaik and will focus on leading the current pipeline of projects, while also driving the company’s future growth, the statement said.-Reuters
