Habtoor Group Re-Jigs Management

UAE-based Al Habtoor Group announced key changes to its senior management team ahead of the company’s proposed Initial Public Offering (IPO).

Mohammed Fadhel Al Mazrooei has been promoted to managing director from director of Operations, and will now report to the vice chairman and CEO.

He will commence his new role from October 1 and takes over from Maan Halabi, who has been appointed executive director of the group in charge of all the units.

KP Rajan is taking over as group financial advisor from chief operating officer to focus on financial strategy, the company said in a statement.

Sanjeev Agarwal will be in charge of the finance department along with his current responsibilities as director of Strategy & Business Development.

All the senior executives at the Al Habtoor Group are “undergoing rigorous leadership training programs within the UAE and abroad to develop their strengths and better prepare the group for the future,” the statement added.

Khalaf Al Habtoor said: “We are a 21st century company with a strong mission and a bright future. I want my management team to understand their talents and help the organisation succeed with the right tools. The changes to the team are to enable the group to reach our goals.”

The Al Habtoor Group is a UAE-based conglomerate. While best known for construction, it is globally recognised through its involvement in the hotel, automotive, real estate, education, insurance and publishing sectors.

Earlier this month, the family-owned conglomerate announced that it is planning to raise up to $1.6 billion in an IPO on Nasdaq Dubai next year.

The company, which is involved in construction, hospitality, education, insurance and automotives, said that it was looking to list shares worth 25 per cent of its capital.