Arabtec founder Riad Kamal says he quit company’s board 18 months ago

The Arabtec founder Riad Kamal claims he resigned from the Arabtec board 18 months ago despite still being listed on the company’s website as a director.

In an email to The National, Mr Kamal, who founded Arabtec nearly 40 years ago, said that he had quit the company’s board of directors a year and a half ago despite his move not being widely advertised.

Mr Kamal currently appears listed as a director on the company’s website. He is also listed as a director in the company’s full-year 2014 accounts, which were published last month.

Representatives of both the Dubai Financial Market, where Arabtec shares are listed, and market regulator, the Securities and Commodities Authority, said they were unaware of Mr Kamal’s apparent earlier resignation.

Arabtec was not immediately able to comment.

The news comes after it emerged on Thursday that both Mr Kamal and the current Arabtec chairman Khadem Al Qubaisi were not included on a list of 16 board nominees ahead of the company’s annual general meeting, due to take place on Thursday.

A board committee is tasked with choosing which names to pass forward for election.

In accordance with UAE company rules, Arabtec shareholders will elect a new board of directors from the nominees, and the board will later vote to elect a new chairman from among their number.

Mr Kamal resigned as chief executive in February 2013.

Arabtec’s shares closed a touch lower yesterday at Dh2.90.

Separately, Egypt’s housing minister, Moustafa Madbouly, said yesterday that a deal with Arabtec to build as many as 1 million affordable homes in the country would be finalised within two months.

This month, Arabtec said it had agreed terms to begin the 100,000 unit first phase of the US$40 billion project located to the east of Cairo.

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