By- Elsayed Solyman

Shares on the Dubai bourse tumbled in Tuesday’s mid-session, smacked by shares in Arabtec, as ambition to become one of the world’s largest construction companies is in doubt after managers behind the plans were said to have quit or fired.

“Investors are feeling anxious about the future of the company after the Ismaik quitted, I think the stock could extend fall to AED 2,” said Nabil Hyder, head of Gulf Research in Al Madina Investment.

The resignation of Chief Executive Officer Hasan Ismaik last week was followed by the termination and resignation of hundreds of employees, according to people with knowledge of the situation, Bloomberg reported.

As of 08:23 GMT, the Dubai benchmark stock index lost 6.23% to 4031.8 points, its lowest level since last March.

Shares in Arabtec slumped 9.83% to AED 3.12.

Meanwhile, shares on the Abu Dhabi bourse retreated also in a thin trade, dragged lower by shares in the real estate sector.

Shares in heavyweight Aldar lost 7%, while the main benchmark stock index lost 2.45% by mid-session.