Arabtec shareholders back board's liquidation plan

Thursday, 1 October 2020 09:39

Shareholders have voted to accept the liquidation of the Dubai-based construction firm Arabtec.

In a statement, the company said it had suffered a first-half loss on lower revenue in a weak market because of adverse conditions.

It said the firm will be dissolved due to its "untenable financial situation."

Last month, Arabtec posted a first-half loss of AED 794 million and total accumulated losses of AED 1.46 billion dirhams.

The company will go through Liquidation under Court and Board custody.

Arabtec's past projects include Abu Dhabi's Louvre Museum, the Burj Khalifa and Dubai International Airport.

More from Business

Dubai Chambers discusses trade ties with Philippine First Lady

Dubai Chambers welcomed Louise Araneta-Marcos, First Lady of the Philippines, at its headquarters on Sunday to discuss ways to strengthen bilateral ties and deepen mutual cooperation.
IRENA Assembly opens in Abu Dhabi with focus on renewable energy growth

The 16th session of the Assembly of the International Renewable Energy Agency (IRENA), held under the theme “Powering Humanity: Renewable Energy for Shared Prosperity”, commenced on Sunday in Abu Dhabi.
Dubai Chamber of Digital Economy highlights emirate’s strength for content creators

Dubai Chamber of Digital Economy, one of the three chambers operating under the umbrella of Dubai Chambers, has highlighted Dubai’s advantages as a global destination for content creators and a leading hub for companies specialising in the production and development of digital content, at the 1 Billion Followers Summit.
Ambani's Reliance Jio considers 2.5% public offering in 2026 India IPO, sources say

Reliance Jio Platforms is considering an initial public offering this year that would float 2.5 per cent of the company, people familiar with the matter said, a move that could make it the country's largest-ever IPO worth more than $4 billion.
Abu Dhabi launches $2 billion 'Global Water Platform'

A $2 billion Abu Dhabi Global Water Platform has been launched to support the global water sector by strengthening water and food security in developing countries.

Pinoy Bulletin October 21 - 25 2025
Pinoy Expat Corner

Merong Serbisyo Caravan Leg 2 dito sa Dubai ngayon November 15 & 16, 2025 , 8am to 6pm @ Hall 3 Dubai World Trade Center, Dubai.
PINOY BULLETIN : AUGUST 11 - 15 , 2025
Pinoy Expat Corner

Welcome to Pinoy Bulletin, your go-to source for staying informed about important announcements, exciting group activities, community events, and job opportunities! Make sure to tune in every weekdays to Tag Gising Na from 5AM - 10 AM for a comprehensive roundup of important updates.
PINOY BULLETIN : AUGUST 4 - 8, 2025
Pinoy Expat Corner

Welcome to Pinoy Bulletin, your go-to source for staying informed about important announcements, exciting group activities, community events, and job opportunities! Make sure to tune in every weekdays to Tag Gising Na from 5AM - 10 AM for a comprehensive roundup of important updates.