Construction

Dubai’s Arabtec adopts ‘risk management plan’

Trading in shares in the contracting giant was suspended earlier in the week

Hamish Tyrwhitt

The Dubai-listed contractor Arabtec has approved a new risk-management plan, according to a statement to the bourse.

A board meeting approved a “new group-wide enterprise risk management plan”, the statement to the Dubai Financial Market said.

Trading in shares in Arabtec was suspended on Monday as the company’s board of directors met to approve its accounts, according to local press reports.

Arabtec Holding is one of the largest construction companies in the Middle East, with nine principle subsidiary companies operating under its umbrella. The group has been implementing a series of restructuring and cost reduction initiatives.

The board in November announced the appointment of Hamish Tyrwhitt as the company’s new chief executive officer.

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