It looks like construction giant Arabtec is going out of business after its shareholders voted in favour of liquidation following huge losses in the wake of the Coronavirus economic turmoil.
Since its inception in 1975, Arabtec built some of the Middle East’s biggest architectural marvels, from famous landmarks like Address Downtown Dubai hotel and Media City, to government-contracted projects like the King Abdulaziz International Airport (KAIA) New Terminal and Dubai International Airport, Terminal 1 Expansion and iconic structures like the Burj Khalifa and Louvre Abu Dhabi.
Photograph credit: Dubai Media Office
A search on Arabtec’s website reveals they’re working on an extensive line-up of projects, including The Fairmont Hotel in Abu Dhabi, Al Ain Hospital and the Dubai South Mall. Despite an array of high-profile contractss, their recent Annual General Meeting came a conclusion of its shareholders voting in favour of liquidating the company.
Photograph credit: Arabtec
Things went downhill for Aratec this year after posting an AED 794 million loss in the first half of 2020 and total accumulated losses of 1.46 billion dirhams, according to Reuters. The news outlet also shared an email sent by the construction mogul to its employees.
“Unfortunately, against a backdrop of adverse market conditions, we regret to inform you that Arabtec shareholders voted to adopt a plan of liquidation and dissolution due to the company’s untenable financial situation.|
Arabtec
Read: DUBAI IS ABOUT TO GET THE WORLD’S TALLEST HOTEL BY 2023
