Participated in building the Burj Khalifa, the largest Emirati contracting company, to officially announce its bankruptcy
Arabtec Holding, the largest contracting company in the UAE, has declared its official bankruptcy and will submit an application to the court in this regard.
Arabtec, which was founded in 1975 and was listed on the Dubai Financial Market in 2005, is the largest contracting company, and has contributed to building the most famous landmarks in the Emirates, such as the Louvre Museum in Abu Dhabi and the Burj Khalifa in Dubai.
Among the most prominent shareholders in “Arabtec” is the Abu Dhabi government’s Mubadala Investment Fund.
Arabtec said in a statement: “We will submit a request to the competent court as soon as possible to declare the company bankrupt and liquidate it.”
The bankruptcy decision came in the wake of the announcement by “Arabtec” that the accumulated losses were exacerbated to constitute 97% of the paid-up capital.
The company began effectively laying off its employees in the middle of this year, while more than 45,000 employees employed by the company will be affected by the liquidation decision.
In late October and early November, the company laid off more than 5,000 employees within two weeks.