HSBC says Arabtec has to hire 17,500 staff to clear Dh60bn backlog | The National

HSBC says Arabtec has to hire 17,500 staff to clear Dh60bn backlog | The National:



"Arabtec’s ability to meet its ambitious growth strategy could be seriously hampered by a lack of executive and middle-management talent in the wake of the crisis that has swept the contracting company in recent weeks, according to a new research report.



The report – sent by HSBC analysts to clients but as yet unpublished – says that the company needs to hire an additional 17,500 white-collar employees to execute its backlog until 2017, believed to be standing at more than Dh60 billion.



In the light of recent departures from the company after the chief executive Hasan Ismaik’s departure two weeks ago, “we believe it will be extremely difficult to ramp up the company in anticipation of the backlog execution it targets,” said HSBC’s analyst Nicholas Paton."



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