Arabtec has reported that it has presented a bankruptcy appeal to Dubai Court, a half year after investors voted to liquidate. The submission seals the destiny of one of the UAE’s most prominent development organizations, which piled up $216 million of losses in the main portion of 2020.
In an explanation to the Dubai Financial Market (DFM), the organization said Arabtec Holding PJSC had presented the bankruptcy appeal to the court notwithstanding auxiliaries Arabtec Construction LLC, Austrian Arabian Readymix Concrete LLC, Arabtec Precast LLC, and Emirates Falcon Electromechanical Co.
The organization said a specialists’ board had been designated by the bankruptcy judge to prepare to plan investigates obligation and the chance of rebuilding.
The statement said the organization had likewise applied to join an extra two entities working under the umbrella of the Holding Company, GSI Steel Construction Contraction LLC and Gulf Steel Industries FZE.
News that Arabtec investors had cast to liquidate the organization broke in September following $216 million of losses in the principal half of the year.
Following over two months of conversations, the choice was made to initiate liquidation procedures in December.
Arabtec was the main UAE worker which contributed to some of the country’s most prestigious projects including the Burj Khalifa.
The organization declared a year ago that investors had cast to liquidate because of its ‘untenable financial situation’.
Five percent of investors requested the rebuild and continuation of the organization to be considered at a gathering in November 2020, yet the choice was made to proceed with bankruptcy.