[DUBAI] Arabtec Holding, the UAE's biggest listed contractor, swung to a loss in the first half of the year, citing tight liquidity and limited new projects, and said it was seeking an advisor for debt restructuring.
The Gulf construction sector has slumped since a collapse in oil prices four years ago forced governments to cut spending, leading to a debt crunch at some companies that operate across the Middle East. The coronavirus pandemic and the delay of Dubai's Expo 2020 world fair by a year to next October has worsened the industry's problems.
Arabtec, which helped to build the Louvre Abu Dhabi, said it was also hit by project delays and outstanding contractual claims. The contracting firm on Sunday reported a net loss of 794 million dirhams in the six months to June 30, down from a profit of 58 million dirhams a year earlier.
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