United Arab Emitares (UAE) construction giant, Arabtec made an official announcement stating its liquidation after stakeholders declared the financial situation “untenable”. The company had built the Burj Khalifa, a popular tourist destination and a building that has become symbolic with Dubai Tourism.
“The limited liquidity in the construction sector had an impact on the progress of Arabtec’s projects which was further worsened due to the consequences of the pandemic,” as per a statement by Waleed Al Mokarrab Al Muhairi in Gulf News.
Dubai based Gulf News reported that even after efforts to restructure the company’s finances and operations, the company found it indefensible.
After weeks of contemplation over the repercussions of the decision, the announcement to dissolve the well-established construction company was made due to the ‘grave financial scenario’ it was facing currently.
On Wednesday, the official green signal was given by the stakeholders for the dissolution of the company.
On October 1, the Dubai Financial Market had stopped trading of the stock for the company.