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Arabtec decides on Emirati-only board at AGM

Arabtec has passed a resolution stipulating that in future only Emiratis may become board members.

At its annual general meeting and extraordinary general meeting held on Thursday at the Armed Forces Officers Club and Hotel in Abu Dhabi, shareholders voted to restrict board membership to Emiratis and to reduce the number of board members from nine to five.

Arabtec said that the articles of association had been amended following two requests submitted by shareholders owning more than 10 per cent of the capital of the company.

In total, 19 shareholders had stood for election to the company, which was founded in 1975 by Palestinian-born Riad Kamal.

However, in a statement to the Dubai bourse , Arabtec said that shareholders had elected just five names.

The acting chief executive Mohamed Al Fahim and the Aabar and Ipic board member Mohamed Al Mehairi were re-elected to the board. Aabar Investments owns 36.1 per cent of Arabtec, according to Bloomberg data.

They were joined by new members Mohammed Al Rumaithi, Khalifa Al Rumaithi and Saeed Al Mhairbi.

The company also said that the rules had been changed to require that board members devote sufficient time and attention to their membership.

lbarnard@thenational.ae

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