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.