Target Engineering Construction Company, a Wholly Owned Subsidiary of Arabtec Holding, Awarded Contracts Worth AED 210 Million. Arabtec says to go ahead with its liquidation plan News and Media - Target Engineering Arabtec cited tight liquidity and limited new projects for its decision to shut shop. Markets. Featured News Tech. Arabtec Holding PJSC (under liquidation) (ARTC.DU) - ZAWYA Arabtec shareholders at a crossroads over liquidation. Arabtec is proceeding with the procedures ... - Saudi 24 News Will UAE's construction sector collapse after Arabtec's ... Dubai, Oct 4: UAE construction giant that built the world's tallest building the Burj Khalifa, Arabtec formally announced that it was going into liquidation after stakeholders found the financial situation "untenable". According to a source in the construction industry, a liquidation of Arabtec will . 29 September . Arabtec, the Dubai-based construction company that helped build the world's tallest building says it will liquidate the company. Arabtec, the construction giant behind the world's tallest building Burj Khalifa, has announced going into a phase of liquidation after its financial situation was deemed 'untenable'. Shareholders in Dubai construction company Arabtec Holding voted on Wednesday to discontinue the company and authorised the board to file for an insolvent liquidation, two sources familiar with . The first is the entry of a strategic investor during the period of time that the general assembly gave to the company's board of directors to inform the stakeholders of the company's liquidation. The statement issued early this week only said . The Dubai-based construction company that helped build the world's tallest building and other engineering marvels in the United Arab Emirates announced Thursday it would enter liquidation, the final step in a long collapse from the country's economic crisis a decade ago hastened by the coronavirus pandemic.. Arabtec Holding PJSC made the announcement after emails circulated Wednesday among . Financial expert Waddah Al-Taha said that there are two scenarios, not a third, for Arabtec. The liquidation, likely to lead to further layoffs in a company which had a 40,000 strong workforce at the end of last year, marks the end of an era of plentiful construction for local contractors. Nothing would left for the shareholders of construction firm Arabtec after it announced liquidation as its net asset value (NAV) is negative . "Tens of thousands of employees, as well as subcontractors and creditors, now find themselves in a precarious financial position should Arabtec's proposed liquidation proceed," said Colin Foreman, deputy editor director of GlobalData's MEED, in a note today. In the meantime, 621 new fatalities were also recorded, taking the death toll due to the fatal virus to 4,68,554. As debts mounted, the shareholders of the company voted to dissolve the firm. Construction. Arabtec shareholders had authorised the board of the Dubai-listed construction company to file for liquidation in September 2020. With the scale of the development planned and currently under way in the Emirate, Abu Dhabi Airports' Capital Development is spearheading a multi-billion dollar expansion plan to ensure that developments in the city are matched by state-of-the-art air transport infrastructure that meets the increasing demand. October 4, 2020. The court last week approved the liquidation of Arabtec and its six subsidiaries . At the time of the liquidation vote it is reported that Arabtec Construction had a portfolio of 22 projects under construction worth a combined US$5.2 billion. Arabtec helped build the Burj Khalifa. Arabtec Holding, the UAE's biggest listed construction company, will be placed into liquidation due to its "untenable financial situation," the company said on Thursday.. Shareholders voted to dissolve the company at a general assembly on September 30 after the board considered "a number of strategic alternatives", Arabtec said in an emailed statement. Elsewhere, the collapse of the region's largest construction firm, Arabtec, adds to signs of the economic pain that the coronavirus crisis has inflicted upon Dubai and reinforces our concerns over the ability of the . The fall of Dubai contracting giant Arabtec highlights the troubles facing the Gulf's construction industry, says GlobalData's MEED. (Bloomberg) -- Shareholders of United Arab Emirates-based Arabtec Holding PJSC, which helped build the world's tallest skyscraper, voted to dissolve the debt-laden firm in a move likely to threaten thousands of jobs and scores of suppliers and sub-contractors in the Persian Gulf. Real Estate, Property, Construction and many more. Total assets of Arabtec stand at Dh7.379 billion while total liabilities are Dh10.137 billion. The decision was taken after the court appointed a panel to analyse the bankruptcy application….reports Asian Lite News. Depa's exposure to the Arabtec Group remained at a similar level as of 30 September 2020, the statement added. This will effectively close the company down. The company will go through Liquidation under Court and Board custody. Arabtec's MEP division Efeco had 15 projects under execution, while its EPC subsidiary Target Engineering has 13 projects under execution . Arabtec names new CEO, . The accumulated losses are …. It is now officially the end game for Arabtec as the UAE court appoints trustees for each of the subsidiary companies facing liquidation. Arabtec said its primary objective now was to provide stability for staff, subsidiaries, sub-contractors and suppliers. "Shareholders have therefore voted to move forward with a plan of liquidation to maximise value for stakeholders through a controlled and efficient program," said Waleed Al Mokarrab Al Muhairi. Video of Youtube-1601473887 In an email sent to employees, Leading Dubai-based contractor Arabtec Holding said it will go ahead with its plans to file application for insolvent liquidation, . DUBAI: Arabtec Holding shareholders have authorised the board of the Dubai-listed construction company to file for liquidation due to its untenable financial position following the fallout from the coronavirus pandemic, an internal company email said. Burj Khalifa Builder Arabtec Set To Fall Into Liquidation. Last month, Arabtec posted a first-half loss of AED 794 million and total accumulated losses of AED 1.46 billion dirhams. The Dubai-based company is working with consultants from AlixPartners on an asset liquidation plan. UAE - Nothing would left for the shareholders of construction firm Arabtec after it announced liquidation as its net asset value (NAV) is negative. On December 17, the company, which was valued at about AED30 billion ($8.17 billion) at its peak in 2014, said it and some of its subsidiaries had filed for insolvent liquidation pursuant to the resolutions . DUBAI: Dubai builder Arabtec Holding is asking shareholders to reverse a decision made in September to proceed with a bankruptcy and liquidation filing, according to a bourse filing on Monday. The latest announcement in the long-running saga of Arabtec Holding comes after the board of directors met last week for the first time since the construction company officially filed for liquidation last month. Economy. In June, before the liquidation decision, Reuters reported 3,000 manual . Construction firm Arabtec Holding will file for liquidation because of heavy financial losses following the outbreak of COVID-19.
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