Gulf News reported that Dubai's Arabtec Holding has appointed Mr Ebrahim Bel Selah as chairman replacing Mr Shaikh Butti Bin Maktoum Bin Juma Al Maktoum.

The board accepted the resignation of Shaikh Butti and board member Shaikh Sultan Bin Al Qasimi and thanked them for their valuable contributions over the years.

Arabtec said that its board listened to presentations from the heads of operations in the various countries where Arabtec operates and was pleased with the progress of projects.

Arabtec has been hit hard by a severe downturn in Dubai's property market where prices have slumped by about 50% since late 2008 and many projects are on hold or cancelled. The company recently began to diversify away from its dependence on contracts in the UAE and has started looking at new markets such as Saudi Arabia, Pakistan and Egypt.

(Sourced from Gulf News)