Arabtec Holding Co., the United Arab Emirates’ biggest construction company, said Sheikh Butti bin Maktoum Al Maktoum resigned as chairman and will be replaced by Ibrahim Belselah. Arabtec also accepted the resignation of board member Sheikh Sultan bin Saqer Al Qassimi, the Dubai-based company said in a statement today.
Emirates, the No. 1 international airline, won’t be asked to move to Dubai’s new super-hub until 2024, avoiding disruption to its growth as it takes delivery of the world’s biggest fleet of wide-body jets.
Dubai Airports may delay opening Al- Maktoum International Airport to passengers by “months” as the state-owned terminal and runway operator studies the project’s progress, Chief Executive Officer Paul Griffiths said.
Shuaa Capital PSC may seek a joint- venture partner or raise debt to boost growth at its lending unit as the investment bank controlled by Dubai’s ruler rebuilds the business after five years of losses.
Dubai International airport, which is being expanded to handle 90 million passengers a year, could be shut in coming decades to focus traffic on a new super-hub under construction with as much as twice that capacity.