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Dubai’s Al Habtoor sells all its shares in contractor HLG

Dubai’s Al Habtoor sells all its shares in contractor HLG

Al Habtoor group held a 55 per cent stake in the Habtoor Leighton group

Dubai-based conglomerate Al Habtoor Holding confirmed that it has sold all its shares in construction firm HLG Contracting (Formerly known as Habtoor Leighton), it announced on Wednesday.

The chairman of Al Habtoor Group, Khalaf Ahmad Al Habtoor, said: “I took a strategic decision to depart from Habtoor Leighton (HLG), and my main focus shall be on Al Habtoor Group’s core businesses such as hospitality, real estate, automotive, education, and publishing.”

HLG was formed in 2007 following the merger of UAE-based contractor Al Habtoor Engineering with Gulf Leighton – a unit of Australia’s Cimic Group.

Cimic, formerly known as Leighton, is one of Australia’s largest contractors and owns a 45 per cent stake in HLG.

Few months ago, Cimic also confirmed that the Al Habtoor group was selling its 55 per cent stake in the JV to partner Riad Al Sadik.

Sadik co-founded Al Habtoor Engineering Enterprises in 1970 and has been a director of HLG since its inception in 2007.

In August, the CEO of Habtoor Leighton Group Jose Antonio Lopez-Monis was detained by Dubai police for a week.

Read:Habtoor Leighton Group CEO released in Dubai without charge

He was released from custody without bail or any other conditions.

“Lopez-Monis has not been charged with any offence. HLG’s operations continue as normal,” Cimic said at the time.

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