Dubai builder Arabtec has Abu Dhabi firm's backing

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Associated Press

Posted on July 2, 2014 at 8:01 AM

Updated Wednesday, Jul 2 at 8:33 AM

ABU DHABI, United Arab Emirates (AP) — The chairman of the embattled Dubai construction firm that helped build the world's tallest tower has promised to improve transparency at the firm and says it retains the support of a major shareholder backed by the Abu Dhabi government.

Arabtec Chairman Khadem al-Qubaisi made the comments Wednesday during the company's first press conference since a series of setbacks that have hammered its share price and rattled investor confidence anew in the Mideast commercial hub of Dubai.

Major shareholder Aabar Investments, a state-run fund backed by Abu Dhabi, last month cut its stake in the company. Weeks later, CEO Hasan Ismaik resigned but retained a sizable stake in the firm, and Arabtec announced a restructuring involving job cuts.

Al-Qubaisi says Arabtec retains Aabar's support and is moving ahead with existing projects.

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