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

US judge dismisses Musk's fraud claims in OpenAI case

A US judge on Friday dismissed Elon Musk's fraud claims in his lawsuit accusing OpenAI and co-founder Sam Altman of betraying OpenAI's original mission, but plans to proceed to trial on Musk's breach-of-charitable-trust and unjust-enrichment claims.
Dubai South partners with Emirates NBD to support business community

Dubai South has signed a strategic Memorandum of Understanding (MoU) with Emirates NBD to support the financial growth of SMEs and facilitate access to a range of banking services.
DMCC to launch two new commercial towers for "Uptown Dubai" by 2028

The Dubai Multi Commodities Centre (DMCC) has launched two new commercial towers, “One Uptown Place” and “Two Uptown Place”, as part of the expansion of the Uptown Dubai area.
DIFC to become world’s first AI Native financial centre

The Dubai International Financial Centre (DIFC) has announced plans to become the world’s first AI-native financial centre.