An Abu Dhabi-based company has replaced former Arabtec chief executive Hasan Ismaik as the second-biggest stakeholder of the Dubai-listed builder, according to Bloomberg.

Tasameem Real Estate, owned by Sheikh Mansour bin Zayed Al Nahyan, now owns 8.29 percent of Arabtec, the news agency reported, citing information from the Dubai Financial Market.

Ismaik held almost 12% of Arabtec shares as of last week, but is no longer on the list of the company’s biggest shareholders, Bloomberg reported.

Trading volumes in the Dubai builder on Sunday soared to almost seven times the six-month average, it was reported.