DUBAI (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.
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.
Arabtec’s 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 emailed statement.
The impact on jobs would be “substantial” since the company…
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