Dubai – Mubasher: Arabtec Holding has appointed Waleed Al Mokarrab Al Muhairi, upon his election, as a new board member and chairman of the board.

Al Muhairi, who holds a Master's degree in Public Policy from Harvard University, succeeds Mohamed Thani Al Rumaithi who resigned from the position, according to a press release issued on Monday.

The new chairman also currently serves as Mubadala’s Deputy Group CEO and CEO of the Alternative Investments and Infrastructure platform.

It is noteworthy to mention that the company's accumulated losses amounted to AED 671.25 million in 2019, representing 44.7% of its capital.