The chief executive of contractor Habtoor Leighton Group has been released without charge following his arrest in Dubai on August 17.

CIMIC Group, which has a 45 per cent stake in the contractor, issued a statement to the Australian Securities Exchange confirming that José Antonio López-Monis had been released.

“The CEO and MD of HLG, José Antonio López-Monís, who was detained by Dubai police on 17 August 2016, has been released from custody without bail or any other conditions. Mr López-Monís has not been charged with any offence. HLG’s operations continue as normal,” CIMIC Group said.

A separate statement by CIMIC Group said that Al Habtoor Holding is to transfer its shares in Habtoor Leighton Group, which has worked on some of the biggest construction projects in the UAE.

“CIMIC Group announces it has entered into a binding agreement with its two joint venture partners in HLG which will enable one of the shareholders, Al Habtoor Holding LLC, to transfer its shares to another partner Riad Al Sadik, subject to execution of final documentation,” the statement said.

“CIMIC’s shareholding is unchanged. Mr Sadik co-founded Al Habtoor Engineering Enterprises in 1970 and has been a director of HLG since its inception in 2007. As a result of the change in ownership, a strategic review of the HLG business will commence.”