The Kuwaiti Newspaper Newspaper | The UAE “Arabtec” decides to file an application to the court to declare its bankruptcy and liquidate it

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             <h2>• The company's losses amounted to more than $ 216 million in the first half of 2020

• Participated in building the Louvre Museum in Abu Dhabi and the Burj Khalifa

“Arabtec Holding” announced on Monday that it will submit an application to the competent court to declare its bankruptcy and liquidate it.

The company said in a statement that it had reached this decision “after the lapse of a period of two months of discussions with the main stakeholders, based on the decision taken by the shareholders at the General Assembly meeting held on September 30th.”

The Emirati company, which contributed to building some of the most famous landmarks in the UAE, announced in early October that its shareholders voted in favor of submitting a request to liquidate and dissolve the company, given the unstable financial conditions it witnessed following the repercussions of the Coronavirus pandemic.

                    <p class="ar">The company’s liquidation announcement at the time came on the background of its disclosure of net losses amounting to more than $ 216 million in the first half of 2020.</p>
                    <p class="ar">The company said in a statement on Monday that “Given that there are links between some of the company’s subsidiaries, the application submitted to the courts will include that Arabtec Construction LLC, Arabtec Construction LLC, Arab Austrian Ready Mix Concrete LLC and Arabtec will also be placed. Precast LLC / collectively referred to as the affected companies / under liquidation at the same time ».</p>
                    <p class="ar">The company also confirmed that no application will be submitted to the competent courts regarding its subsidiaries at present, adding that until an insolvency agent is appointed, “the company will continue to communicate with the main stakeholders in order to search for options that allow preservation of value and make attempts”, with the aim of avoiding subjecting these companies For formal procedures for declaring bankruptcy due to insolvency.</p>
                    <p class="ar">The company, which was founded in 1975, employs more than 45,000 employees who will be affected by the liquidation decision. The company has contributed to building some of the most famous landmarks in the UAE, such as the Louvre Museum in Abu Dhabi, Burj Khalifa, the highest in the world in Dubai, and the UAE pavilion at the site of the Expo. 2020.</p>

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