Arabtec board agrees to proceed with liquidation plan

Arabtec board agrees to proceed with liquidation plan

The board of Dubai-based construction giant Arabtec has agreed to proceed with plans to liquidate the company following a meeting.

In a filing to the Dubai Financial Market, the company said in a brief statement that the board "discussed all required resolutions and actions to proceed with the liquidation plan" on Thursday.

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The announcement comes nearly two weeks after shareholders had voted to discontinue with the company and dissolve it due to its untenable financial situation.

The resolution of the shareholders grants the Arabtec board a maximum period of two months to allow for discussions with the main stakeholders before a liquidation application may be submitted to the competent courts.

The impact of the liquidation of Arabtec will send