Burj Khalifa builder set to fall into liquidation

DUBAI: Shareholders of United Arab Emirates-based Arabtec Holding PJSC voted to dissolve the debt-laden construction firm, in a move that is likely to impact thousands of jobs as well as scores of suppliers and sub-contractors in the region.

“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 said. It cited tight liquidity and limited new projects, and said it was seeking an adviser for a debt restructuring.Established in 1975, the company has played a role in building some of the country’s best-known landmarks such as the Louvre in Abu Dhabi and the Burj Khalifa, the world’s tallest building, in Dubai.

Construction firms in the region have struggled for years with project delays and thin profit margins — in January, Australia’s CIMIC Group took a US$1.23 billion write off on its 45% stake in BIC Contracting and exited the Middle East.

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