Dubai’s Arabtec said to mull merger with Kuwait, Saudi firms

Dubai based Arabtec Holding announced that it was in merger talks with property contractors in Saudi Arabia and Kuwait. (File photo: Reuters)

Arabtec Holdings is said to be in merger talks with property contractors in Saudi Arabia and Kuwait, and has appointed a new chief executive its construction group.

The Dubai-based firm is in talks to create a pan-Gulf construction firm by merging with Kuwait’s Combined Group Contracting and Saudi Arabia’s Saudi Oger, the Kuwaiti newspaper Al-Qabas reported today, according to Reuters.

The three companies could not immediately be reached for comment over the report, which quoted unnamed sources.

Arabtec said on Tuesday it has hired a new chief executive to head its group of construction companies.

Sami Asad was named the new chief executive of Arabtec Construction Group, having previously been head of Abu Dhabi’s Aldar Properties since 2010.

Asad will be in charge of the global operations of the group, Reuters said citing a statement.

Arabtec in February replaced its founder and Chief Executive Riad Kamal with Hasan Abdullah Ismaik, Reuters reported.

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Last Update: Wednesday, 20 May 2020 KSA 09:40 - GMT 06:40
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