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

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 today 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 current Arabtec chairman Khadem Al Qubaisi were not included on a list of 16 board nominees ahead of the Arabtec AGM 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 and was replaced by Hasan Ismaik.

Last month Arabtec reported a Dh94.4 million loss for the final three months of 2014, compared with a Dh122.1m profit the same period a year prior.

Net profit for the year fell more than 48 per cent to Dh241.6m from Dh468.3m in 2013 as general and administrative expenses ballooned almost 75 per cent to Dh749.9m from a year earlier.

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