UAE construction giant Arabtec said to be placed into liquidation

UAE construction giant Arabtec said to be placed into liquidation

UAE-based Arabtec Holding is to be placed into liquidation, it has been reported.

The decision was made at the annual general meeting on Wednesday and comes after the group posted a net loss of $216m for the first six months of the year. 

Losses attributed to Arabtec Construction arm as revenue drops $323m for six-month period

In an email sent to employees, seen by Arabian Business, it said: “Unfortunately, against a backdrop of adverse market conditions, we regret to inform you that Arabtec shareholders voted to adopt a plan of liquidation and dissolution due to the company's untenable financial situation.”

Arabtec successfully completed more than 240 projects, including the world's tallest building, the Burj Khalifa in Dubai, and the iconic Louvre, Abu Dhabi.

The company was in the process of appointing an advisory firm to