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

UAE, Argentina launch CEPA negotiations

The UAE and Argentina have announced the launch of negotiations for a Comprehensive Economic Partnership Agreement (CEPA), marking a new step in efforts to deepen trade and investment relations.
Meraas awards AED 1 billion contract for Nad Al Sheba Gardens expansion

Meraas, part of Dubai Holding Real Estate, has awarded a contract worth nearly AED 1 billion to GCC Contracting to build 272 villas and townhouses in Phase 7 of Nad Al Sheba Gardens.
Meta launches AI gadget Charm as race for post-smartphone hardware heats up

Meta CEO Mark Zuckerberg on Wednesday has unveiled a small handheld gadget called Meta Charm for using its new Muse AI assistant, taking the company's hardware efforts beyond its successful smart glasses.
UAE Central Bank sanctions Bank Melli Iran over compliance breaches

The Central Bank of the UAE has imposed strict enforcement measures on the UAE branches of Bank Melli Iran following violations of regulatory requirements, including legislation related to anti-money laundering and combating the financing of terrorism and proliferation financing.
India-New Zealand free trade pact to come into force on October 20

A free trade agreement between India and New Zealand, signed in April, will come into force on October 20, Indian trade minister Piyush Goyal said on Monday, as New Delhi seeks to boost exports and attract investment amid shifts in global trade.