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.
و .علن Dubai Financial MarketAt the start of the Wednesday trading session. On the suspension of trading on the shares of Arabtec Holding Company.
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 explained in a statement to Souq Dubai Financial, that the General Assembly will authorize the Board of Directors to implement the option that is approved at the meeting. And submit to the competent authorities the requests that are required by the laws in force in the state.
She added that the General Assembly will also discuss during its meeting the report of the Board of Directors on its financial position and the obligations owed by it. The association will discuss the appointment process implemented by the board of directors for Walid Al Muhairi as a non-executive board member.
In the first half of 2020, Arabtec Holding Company incurred losses amounting to 794 million dirhams as a result of the construction work (Arabtec Construction). In return for profits of 58 million dirhams in the comparative half of 2019, based on the results of the company’s recent business on the Financial Market website.
Arabtec said in a statement to the Dubai Financial Market on August 16th. The accumulated losses amount to 1458.26 million dirhams, which constitute 97.22 percent of its capital of 1500 million dirhams.

Also read: An economic disaster in the UAE and the Central Bank is clearing its liability before Ibn Zayed with a report that revealed the truth without equivocation

Follow our YouTube channel to watch all new ..

Click here and activate the subscribe button

These were the details of the news The UAE economy takes a painful blow .. Arabtec Holding, the... for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

NEXT Saudi Arabia, China discuss collaboration in urban development during Beijing meeting