Construction firm could face liquidation

The Dubai-based construction company that helped build the world’s tallest building and other engineering marvels in the United Arab Emirates announced Thursday it would enter liquidation, the final step in a long collapse from the country’s economic crisis a decade ago hastened by the coronavirus pandemic.

Arabtec Holding PJSC made the announcement after emails circulated Wednesday among developers suggesting the firm’s end had come. Despite trying to claw its way out of the chaos left by Dubai’s 2009 financial crisis, the firm ended last year with hundreds of millions of dollars in debt and losses.

Arabtec chairman Waleed al-Muhairi said in a statement that after years of setbacks, the economic slowdown from the coronavirus pandemic severely hurt the company’s projects. (Source : economictimes.com)

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