Rise and fall of UAE Arabtec: From building Burj Khalifa in Dubai and Louvre Abu Dhabi, to filing for bankruptcy

Rise and fall of UAE Arabtec: From building Burj Khalifa in Dubai and Louvre Abu Dhabi, to filing for bankruptcy

Dubai: The UAE's once mighty construction giant Arabtec is all set to be broken up. It sure looks that way. On Sunday (March 21), the parent entity - Arabtec Holding - submitted a bankruptcy petition with the Dubai Court. Not just that, four of its subsidiaries too are going through the process - Arabtec Construction llc; Austrian Arabian Readymix Concrete Co.; Arabtec Precast; and Emirates Falcon Electromechanical Co.. Which would make it interesting for any entity wanting to buy up Target. And this subsidiary could well be the first to be hived off from Arabtec as part of the long process that bankruptcy typically is. "Arabtec had hired Lumina Capital and Denovo to manage the sale of Target and Arabtec Engineering Services," said Sameer Lakhani, Managing Director at Global Capital Partners, a consultancy. "It's because of the underlying value of their assets and its monetizable value that have been excluded from the bankruptcy and insolvency process for now. "Any such sale were it to transpire would have to be ratified as required by UAE laws." For heavily indebted Arabtec, all of this is far removed from the time when it was busy building the Burj Khalifa and some of the