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Why is Arabtec closed?
According to a senior industry source, the answer is simple enough – Arabtec wanted to grow bigger way too fast. “It created too many subsidiaries, went into too many new markets at the same time, took on too many projects in its home market at the same time,” he added.
Why did Arabtec fail?
Failure to branch out In 2010, in the aftermath of the global financial crisis, Arabtec shifted its focus to winning work in new markets following the downturn in Dubai. But while it continued to win new work in the UAE, it struggled to diversify away from Dubai and find greater traction in Saudi Arabia.
Who is the liquidator of Arabtec?
Arabtec shareholders had authorised the board of the Dubai-listed construction company to file for liquidation in September 2020. This was due to its untenable financial position following the fallout from the coronavirus pandemic.
What will happen to Arabtec shareholders?
Arabtec’s board of directors said that shareholders will be invited to attend a general assembly meeting on November 30. On September 30, Arabtec shareholders voted to discontinue with the company and dissolve it due to its untenable financial situation.
Who started the UAE?
Sheikh Zayed bin Sultan Al Nahyan
A British decision, taken in early 1968, to withdraw from its involvement in the Trucial States, led to the decision to found a Federation. This was agreed between two of the most influential Trucial Rulers, Sheikh Zayed bin Sultan Al Nahyan of Abu Dhabi and Sheikh Rashid bin Saeed Al Maktoum of Dubai.
Who is Dubai prince wife?
The ruling is expected to be the final major decision in the case between Sheikh Mohammed, 72, and his sixth wife Princess Haya Bint Al Hussein, 47. She fled the United Arab Emirates in 2019 and now lives in the UK.
Why is Arabtec going into liquidation?
Dubai: UAE’s construction giant Arabtec has formally announced that it will be going into liquidation after shareholders found the current financial situation “untenable”. The company recorded a net loss of Dh794 million in the first-half of this year.
Is Arabtec breaking up?
Arabtec project sites are not operating in full active mode, according to construction industry sources. The market is waiting for Arabtec to provide some updates on its operations. Image Credit: Clint Egbert/Gulf News Dubai: The UAE’s once mighty construction giant Arabtec is all set to be broken up. It sure looks that way.
Why is Arabtec so popular in Dubai?
Arabtec and its workforce were there when some of the UAE’s best known addresses were built. Plus, there were hundreds of small subcontracting businesses that relied on Arabtec projects.
Should Arabtec Buy Target?
Target, which is Arabtec’s specialist subsidiary for the oil industry, remains active on the project front, and as recently as November picked up a $38 million contract in Saudi Arabia. It also owns and operates marine vessels. Which would make it interesting for any entity wanting to buy up Target.