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01 October 2023

Abu Dhabi's Al Qudra names new chief executive

By Agencies

Abu Dhabi-based Al Qudra Holding, which plans to raise $1 billion in an initial public offering this month, said on Saturday it had named Mahmood Ibrahim Al Mahmood as chief executive officer.

Salah Al Shamsi, former CEO, will remain as chairman of the firm, Al Qudra said in a statement.

Qudra, which has 30 units in industries including infrastructure and transport, will offer a 55 per cent stake to the public to finance expansion, Shamsi said last week.

Initially the company is looking to raise $1.01 billion, equivalent to a 25 percent stake, while investors can pay for the remainder of the sale later, he said. (Reuters)