Arabtec shareholders back board's liquidation plan

Thursday, 1 October 2020 09:39

Shareholders have voted to accept the liquidation of the Dubai-based construction firm Arabtec.

In a statement, the company said it had suffered a first-half loss on lower revenue in a weak market because of adverse conditions.

It said the firm will be dissolved due to its "untenable financial situation."

Last month, Arabtec posted a first-half loss of AED 794 million and total accumulated losses of AED 1.46 billion dirhams.

The company will go through Liquidation under Court and Board custody.

Arabtec's past projects include Abu Dhabi's Louvre Museum, the Burj Khalifa and Dubai International Airport.

More from Business News

DP World launches 36-hour Dubai-Iraq sea link

DP World has launched a 36-hour maritime service linking Dubai’s Mina Rashid with Iraq’s Umm Qasr Port, offering a faster alternative to overland trucking.
Parkin expands into Abu Dhabi under partnership with DAMAC

The paid parking operator Parkin has signed a five-year agreement with DAMAC Properties to manage around 3,600 parking spaces across the developer’s communities in Dubai and Abu Dhabi.
Dubai hosts Sustainable Bio International Forum

The Sustainable Bio International Forum, hosted by Dubai on Friday under the theme “From the UAE…to a Greener World”, discussed the future of sustainable bioenergy and its role in supporting a low-carbon circular economy.
TerraUSD creator Do Kwon sentenced to 15 years over $40 billion crypto collapse

Do Kwon, the South Korean cryptocurrency entrepreneur behind two digital currencies that lost an estimated $40 billion in 2022, was sentenced on Thursday to 15 years in prison for what a judge called an "epic fraud".
BRIDGE Summit drives $200 million deal to boost UAE's media sector

A $200 million investment multi-dimensional partnership deal has been outlined at BRIDGE Summit 2025 that will position the UAE as the world’s new epicentre for compute, advanced media production and next-generation education.

'Peace is not far away' says Erdogan after Putin meeting
Turkish President Tayyip Erdogan, fresh from a meeting with Russia's Vladimir Putin, said he hopes to discuss a Ukraine-Russia peace plan with US President Donald Trump, adding that "peace is not far away".
UAE, Serbia deepen ties with new political agreement
His Highness Sheikh Abdullah bin Zayed Al Nahyan, UAE Deputy Prime Minister and Minister of Foreign Affairs, and Serbia’s Foreign Minister Marko Đurić. have agreed to deepen political coordination after signing a Memorandum of Understanding (MoU) during talks in Abu Dhabi.
UAE strengthens child protection measures
The UAE has introduced changes to its laws governing the care of children of unknown parentage, expanding custody options and strengthening child protection measures.