Bankrupt construction giant Arabtec’s engineering services business put up for sale

Bankrupt construction giant Arabtec’s engineering services business put up for sale

Dubai: The unwinding of the UAE construction giant Arabtec has started, with one of its subsidiaries – Arabtec Engineering Services – put up for sale. The process is being overseen by Dubai Courts’ Ninth Commercial Circuit – Bankruptcy Procedures division. Up to 80 per cent of Arabtec Engineering Services will be offered, for a ‘minimum’ Dh49.6 million. The remaining 20 per cent will be retained by Zuzu Investments Ltd., according to a newspaper ad. Submissions of interest need to be provided to the trustee of the Bankruptcy Procedures’ Case with five working days of the ad appearing. Arabtec Engineering Services provides micro-tunneling, road contracting and service lines, sewerage networks and lifting works. It was in early January 2021 that Arabtec Holding entered bankruptcy proceedings after all efforts to pump in fresh capital or take in new investors failed to materialise. Arabtec at one time was one of the biggest contractors in the Gulf, having been associated with landmarks such as the Burj Khalifa and the Louvre in Abu Dhabi. At the time of entering bankruptcy, Arabtec was weighed under mounting losses running into billions, which came about in a tightening market for projects. The pandemic impact of 2020 put a