The former chief executive of Arabtec Holding said he could consider selling his stake in Arabtec at AED 6-7, according to Reuters.

"If the offer is more than 6 or 7 dirhams a share, I might consider selling," Ismaik told Reuters by telephone.

Ismaik also said he had three offers for his 28.85% stake in the Dubai construction firm, but was holding out for more than double its current value following a big drop in the share price.

According to data compiled by Mubasher, Ismaik’s current stake is being valued at $1.09 billion.