Shareholders of United Arab Emirates-based Arabtec Holding, which helped build the worlds 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 Gulf region.
Construction companies that sprang up more than a decade ago as a building bonanza swept Dubai and much of the Gulf are facing a reckoning as governments pull back on spending.
Arabtecs board will have a maximum of two months to allow for discussions with the main stakeholders before a liquidation application may be submitted to the competent courts, the company said in an e-mailed statement.
The impact on jobs would be substantial since the company has about 40,000 employees, Jaap…
Read the full article at: https://gulfbusiness.com/burj-khalifa-builder-arabtec-set-to-fall-into-liquidation/
