The company said in a statement to the Dubai Financial Market yesterday that the 14-month contract from “Shandong Taejun Electric Power Engineering Ltd.” includes the construction of marine works in the Saudi city of Jubail 3A, which is an independent water project. On the other hand, two sources familiar with the matter said that the company had appointed Matthew Holland, a consultant at the state-owned investment company, Mubadala, as interim financial director to assist with the liquidation plans.
It owns Mubadala 34% in Arabtec. Arabtec shareholders voted in September in favor of liquidating the company due to the repercussions of the Coronavirus crisis.
The Board of Directors gave a two-month period to discuss the move with the main shareholders before addressing the judicial authorities.
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