Burj Khalifa and Louvre Abu Dhabi are among its projects …...

Burj Khalifa and Louvre Abu Dhabi are among its projects …...
Burj Khalifa and Louvre Abu Dhabi are among its projects …...
, United Arab Emirates (CNN) – Arabtec Holding announced that its shareholders voted today, Thursday, at the General Assembly, in favor of submitting a request to liquidate and dissolve the company, given the unstable financial conditions it witnessed following the repercussions of the Coronavirus pandemic.

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.

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