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

ADNOC, Gecko Robotics sign deals to accelerate AI, robotics, skills training

ADNOC and Gecko Robotics have expanded their strategic partnership with three new agreements to explore deploying robotics and artificial intelligence (AI) across ADNOC’s operations and boosting future skills training for UAE nationals.
ADIPEC 2025 kicks off in Abu Dhabi with record global presence

ADIPEC 2025 has kicked off on Monday at ADNEC Centre Abu Dhabi, bringing together leading figures from the global energy sector.
Maktoum bin Mohammed chairs Board meeting of Federal Tax Authority

His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE, and Chairman of the Board of the Federal Tax Authority (FTA), chaired the latest FTA Board meeting, during which he reviewed development projects.
UAE’s first AI-designed business complex launched in Sharjah

Al Marwan Developments has launched its pioneering project, “District 11”, the UAE’s first smart work resort designed using artificial intelligence, setting a new benchmark for urban innovation and economic vitality in Sharjah and the wider UAE.
ADNEC Group to host two of world’s largest events simultaneously in Abu Dhabi, London

ADNEC Group is set to demonstrate its international prowess by simultaneously hosting two of the world’s largest events at Excel London and ADNEC Centre Abu Dhabi from November 3-6.

UAE's Rashid Rover 2 heads to US for Moon mission prep
The Emirates Lunar Mission’s Rashid Rover 2 has completed its development and testing in the UAE and is now on its way to the United States for launch preparations.
Over 500 officials to convene for UAE Government Annual Meetings
The seventh edition of the UAE Government Annual Meetings kicks off on Tuesday in Abu Dhabi, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
H.H. Sheikh Mohammed shares message of pride, unity on Flag Day
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, attended the UAE Flag Day celebration at The Gate Building in Dubai International Financial Centre (DIFC).