The company listed on the Dubai Market in which it is based, said that the decision “gives the company’s board of directors a maximum period of two months to negotiate with the relevant stakeholders before submitting the liquidation request to the competent courts,” while the company will focus in the meantime on providing stability to its employees and subsidiaries. And subcontractors, suppliers and other interested parties with their business.
Walid Al-Muqarrab Al-Muhairi, Chairman of Arabtec, said in a statement published by the company, that the construction sector has witnessed a decline in liquidity levels in recent years, which affected the progress of work in Arabtec projects, and these difficult conditions were exacerbated by the spread of the Covid 19 virus. Made to follow up on legal and commercial benefits and restructuring financial and operational operations, but the current conditions of the group are not solvable. ”
The shareholders’ decision to liquidate the company comes in the wake of Arabtec announcing a net loss of more than $ 216 million in the first half of 2020.
The company, which was founded in 1975, employs more than 45,000 employees who will be affected by the liquidation decision. The company has contributed to building some of the most famous landmarks in the UAE, such as the Louvre Museum in Abu Dhabi, the Burj Khalifa, the highest in the world in Dubai, and the UAE pavilion at the site of the Expo 2020.
These were the details of the news Burj Khalifa and Louvre Abu Dhabi are among its projects …... 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.
