The UAE economy takes a painful blow … Arabtec Holding, the...

The UAE economy received a new blow with the announcement of the largest contracting company in UAEArabtec Holding Company “bankrupt it and liquidate its business.
Arabtec’s general assembly agreed that the board of directors, before declaring bankruptcy, informs the stakeholders of the effects of the liquidation within a period of two months.
Market announced Dubai Financial, at the beginning of the trading session on Wednesday, to suspend trading on Arabtec Holding shares.
Arabtec’s general assembly convened to discuss determining its operational fate and whether or not to complete its activity after its accumulated losses exceeded 97 percent of its capital, thus wiping out almost all of it.
The company stated in a statement to the Financial Market that the General Assembly will authorize the Board of Directors to implement the option that is approved in the meeting, and to submit to the competent authorities the requests required by the laws in force in the state.
She added that the General Assembly will discuss during its meeting as well the report of the Board of Directors on its financial position and the obligations due on it, and the Assembly will discuss the appointment process implemented by the Board of Directors for Walid Al Muhairi in the position of a non-executive Board Member.
In the first half of 2020, Arabtec Holding Company incurred losses of 794 million dirhams as a result of construction work (Arabtec Construction), compared to profits of 58 million dirhams in the comparative half of 2019, based on the results of the company’s recent work on the site Dubai Financial Market.
In a statement to the Dubai Financial Market on August 16, the company said that the accumulated losses amounted to 1458.26 million dirhams, constituting 97.22 percent of its capital of 1500 million dirhams.

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