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Wednesday, 10 August 2016

Ex-Arabtec CEO’s Marya Group Invests $1 Billion, Mulls Listing - Bloomberg

Ex-Arabtec CEO’s Marya Group Invests $1 Billion, Mulls Listing - Bloomberg:

"Abu Dhabi-based Marya Group, chaired by former Arabtec Holding PJSC Chief Executive Officer Hasan Ismaik, is considering an initial public offering after the company’s investment portfolio passed $1 billion.

The group, which invests in education, health care, real estate and food and beverage in the Middle East, Europe, and America, plans to increase its investments “through a number of strategic acquisitions and partnerships - both regionally and internationally,” Ismaik said in an e-mailed statement on Wednesday. There are plans to list on a “major” stock market, he said.

Ismaik, a Jordanian national, was at the heart of a stock sell-off in Dubai in 2014 after his sudden exit from Arabtec along with other top managers shocked investors. He owned about a third of the United Arab Emirates’ largest construction company at the time and sold part of his stake for $962 million to Abu Dhabi’s state-controlled Aabar Investments PJSC. Ismaik still holds almost 12 percent in Arabtec and is the second-largest investor after Aabar, according to data compiled by Bloomberg."

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