The chief executive of Habtoor Leighton Group (HLG) who was arrested in Dubai this month has been released without charge.
Jose Antonio Lopez-Monis was detained on August 17 though the reasons were not made public.
Australias CIMIC Group, which has a 45 percent stake in the contractor, announced his release in a brief statement the Australian Stock Exchange.
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 the statement said. Mr López-Monís has not been charged with any offence. HLGs operations continue as normal.
His release coincided with the exit of Al Habtoor Holding from the joint venture construction company.
In a separate statement by CIMIC Group said that Al Habtoor Holding is to transfer its shares in Habtoor Leighton Group.
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.
CIMICs 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.