UAE-based Arabtec Holding, the builders of Burj Khalifa, the worlds tallest skyscraper, has decided to close down and file for liquidation, Bloomberg reported. As debts mounted, the shareholders of the company voted to dissolve the firm. The move is likely to threaten thousands of jobs and scores of suppliers and subcontractors in the Persian Gulf.
“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,” the company said in a statement. Arabtec Holding, which posted $216 million in first-half losses, cited tight liquidity and limited new projects for its decision to shut sho…
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