The project in
Stock market performance
The announcement came at a press conference on Wednesday to respond to market rumours regarding
However, the chairman responded to such accusations saying that
He urged investors to study the market well before buying shares, and not to jump into conclusions about
"Are [investors] buying our shares because of
Ismaik, who owns a 28.85 per cent stake in
Discussing rumours surrounding Ismaik, the chairman said that, "Ismaik has nothing to do with the running of the company or its administration."
He declined to comment on Ismaik's stake in the company, though.
As for projections for share prices, Al Qubaisi said he was in no position to discuss that.
"The most important goal for me is the company's performance whether share prices are worth Dh1 or Dh20," he said.
The chairman also confirmed that
"We are going to announce the financial quarterly results very soon. We cannot disclose any numbers now, but I would like to assure shareholders that the figures are going to be positive," he said, adding that the results are expected to come out by the end of July.
In late June shortly after Ismaik's resignation,
Asked about the issue, Al Qubaisi said that the company is in a restructuring phase where it is trying to focus on its core business, which is construction.
"We terminated the right people. A lot of executives had been hired and they did not have a place in the company. We are now replacing them with people who have experience in construction and real estate," he said, without giving details about the number of staff to be hired.
— With inputs from Reuters
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