Dubai’s Arabtec Holding PJSC to Be Liquidated
The Dubai-based construction company that helped build the world’s tallest building and other engineering marvels in the United Arab Emirates announced it would enter liquidation, the final step in a long collapse from the country’s economic crisis a decade ago hastened by the coronavirus pandemic.
Despite trying to claw its way out of the chaos left by Dubai’s 2009 financial crisis, the firm ended last year with hundreds of millions of dollars in debt and losses. Arabtec chairman, Waleed al-Muhairi, said that after years of setbacks, Arabtec’s projects were severely hit by the economic fallout of the pandemic. “Despite efforts to pursue legal and commercial entitlements and a restructuring of the company’s finances and operations, the situation in which Arabtec finds itself today is untenable”.
The Dubai Financial Market halted trading on Arabtec shares late Wednesday. Among Arabtec’s biggest investors is the Abu Dhabi-based sovereign wealth fund Mubadala.