Arabtec Holding Co.’s head of mergers and acquisitions, Shohidul Ahad-Choudhury, has been dismissed following the resignation of Chief Executive Officer Hasan Ismaik, a person familiar with the situation said.
Arabtec Holding Co. rose the most in almost a week after the United Arab Emirates builder scrapped a plan to issue convertible bonds that had stoked concern among shareholders that their positions may be diluted.
Dubai’s biggest brokerage plans to almost double staff over the next year, counting on growing demand for the emirate’s equities, as trading in the world’s most-volatile stock market climbs to a three-year high.
Investors who bought Emaar Properties PJSC’s convertible bonds in the midst of Dubai’s real estate crisis three years ago are triggering an exchange that would generate returns of more than 70 percent.
Dubai shares rose for a second time this week, adding to this month’s gain in Gulf markets, as the emirate raised $1.25 billion in a bond sale and emerging-market stocks climbed to the highest level since June 2008.
Prince Alwaleed bin Talal ’s bid to join with a partner to buy Zain’s holding in its Saudi unit may clear the way for Etisalat’s $12 billion offer for a majority stake in Kuwait’s biggest phone operator.
DP World Ltd. , the Dubai World- controlled company that operates ports from Europe to Asia, will seek investors’ approval to combine 20 shares into one before a dual listing on the London Stock Exchange.
United Arab Emirates and Egypt shares are poised to attract overseas investors after Vanguard Group Inc., the largest U.S. mutual-fund provider, switched to FTSE Group from MSCI Inc., EFG-Hermes Holding SAE said.