Business Standard

Burj Khalifa builder Arabtec to close down, file for liquidation

Construction firms 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

Dubai. Photo: Shutterstock
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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,”

Nicolas Parasie & Zainab Fattah | Bloomberg Riyadh
Shareholders of United Arab Emirates-based Arabtec Holding, 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 firms 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

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