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KUALA LUMPUR (Oct 3): United Arab Emirates-based Arabtec Holding PJSC is set to fall into liquidation after shareholders voted to dissolve “the debt-laden construction firm”, Bloomberg reported on Thursday.
“After considering a number of strategic options, the shareholders of Arabtec Holding have voted to discontinue with the Group and dissolve it due to its untenable financial situation,” a spokesperson told the media company.
Arabtec is backed by sovereign wealth fund Mubadala and a shareholders’ meeting was convened after the builder posted US$216 million in first-half losses, said news reports.
Jaap Meijer, head of equity research at Arqaam Capital, told Bloomberg Television that the “the impact on jobs would be substantial” as Arabtec employs about 40,000 people.
Arabtec is known for building as the Louvre in Abu Dhabi and the Burj Khalifa in Dubai. Burj Khalifa is the world’s tallest building.
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