50 Golden Years of Success for Overseas AST in The UAE
In 1959, Overseas AST took what appeared at the time to be a bold step in moving to Dubai for, at this time, oil production had still to begin and the formation of the UAE was more than a decade away. However, the company, at that time the subsidiary of an Austrian firm, was well versed in construction work on major projects in the Region, for it had already completed a number of projects in neighbouring Kuwait. The move to Dubai was prompted by the opportunity to work on Dubai Harbour improvements, followed by extension works for the Ruler of Dubai in 1959. Just five years after setting up operations in Dubai, the Company was incorporated by a Ruler’s Decree. Then, in 1983, two prominent UAE businessmen, Khalifa Juma Al Nabooda of Dubai and Abdulla Mohammed Al Mazrui of Abu Dhabi, acquired a 51% stake in the Company and bought the remainder of the shareholding in 2003.
