Arabtec has business agreements with a number of major construction conglomerates across the world, including the Saudi Binladin Group . Arabtec Holding shareholders in September authorised the board to file for liquidation due to its untenable financial position. They were assigned to list the inventory Arabtec companies, each separately, with a statement of the funds and the market value of all their assets by specialized evaluators. This piece looks at the events that led to the collapse and what the consequences of this liquidation could be for the industry in the region. Arabtec Holding shareholders in September authorised the board to file for liquidation due to its untenable financial position. Dubai-Based Arabtec Holding to File for Liquidation As Losses Pile Up Burj Khalifa builder Arabtec confirms liquidation after 'untenable Dubai Court declares Arabtec bankrupt, approves liquidation of its assets. Arabtec's engagement with deNovo is due to begin this week, said one of the sources. UAE construction firm Arabtec to enter insolvent liquidation By Andy Brown 08 October 2020 2 min read The shareholders of one of the Middle East's largest contractors, Arabtec, have voted to pursue liquidation following a loss of AED794 million (US$213 million) in the first half of 2020. Depa: Arabtec liquidation 'likely' to have material impact on interior Silvia Razgova / The National Arabtec Holding, a UAE-based contractor for social and economic infrastructure, has won approval from its shareholders to file for liquidation due to its untenable financial position following the fallout from the coronavirus pandemic, reported Reuters citing an internal company email. The court application will also request a number of other companies in the group be placed into insolvent liquidation at the same time DUBAI: UAE Builder Arabtec Holding confirmed at a. The court has scheduled the next hearing for July 26 to follow up on the procedures taken by the trustees. It provides industrial, civil and infrastructure construction services. The liquidation plan is meant "to maximize value for stakeholders through a controlled and efficient program," Arabtec Chairman Waleed Al Muhairi wrote. Param Bhandari - Founder - Urban Hemp Store | LinkedIn Arabtec shareholders vote to dissolve company - The National Burj Khalifa Builder Arabtec Set To Fall Into Liquidation Dubai-based Burj Khalifa builder Arabtec to close down, file for Arabtec to file application for insolvent liquidation at competent courts Dubai Court declares Arabtec bankrupt, approves liquidation of its Shares on Dubai Financial Market have been suspended since the initial announcement by the company. Shareholders of the Middle East's largest contractor, Arabtec, have announced it will file for liquidation "at the earliest opportunity", despite a small group among them making a last-ditch restructuring proposal on Monday. New Delhi, India - 2018 - 2020. "Unfortunately, against a backdrop of adverse market conditions, we regret to inform you that Arabtec shareholders voted to adopt . Country Head in Vietnam - Hong kong Based Company, Goldman Holdings. Arabtec Holding to file for liquidation following general assembly meeting The contractor said its board 'concluded that it is no longer tenable to continue operating outside a formal insolvency process' Shareholders of Arabtec are seeking continuity and restructuring instead of filing for bankruptcy and liquidation. The UAE-based company met at an annual general meeting (AGM) on Wednesday, September 30 2020, following which the announcement was made. gulfnews.com - Tawfiq Nasrallah, Senior News Editor 16h. Depa awaits clarity on the outcome of Arabtec's discussions and any liquidation application that may be submitted to the competent courts so as to determine the likely impact to Depa. Arabtec Holding was valued at about AED30 billion ($8.17 billion) at its peak in 2014 and is now worth AED795 million ($216.5 million), with the stock down 60 percent this year alone. Arabtec at one time was one of the biggest contractors in the Gulf, having been associated with landmarks such as the Burj Khalifa and the Louvre in Abu Dhabi. Video of Youtube-1601473887 In an email sent to employees, Hamad Bin Khalid Contracting Co. W.L.L. Arabtec suffered a first half. 300-388 Country Hills Blvd NE , Calgary, AB, T3K 5J6 Tel . Arabtec to file application for insolvent liquidation at competent courts By Focus Content Squad November 30, 2020 1 min read At a General Assembly Meeting, Arabtec Holding PJSC ("Arabtec" or "Company"), confirmed that it will, at the earliest opportunity, file an application for its insolvent liquidation at the competent courts. 0.53-0.02-3.29%. Dubai Courts declared Arabtec Holding Company bankrupt and approved the liquidation of its assets in a final ruling on Monday. Meanwhile, the news of Farsakh's resignation and move to Binladin Contracting Group came months after Arabtec Holding confirmed going into liquidation following the suspension of its shares on the DFM. Fairfield Inn & Suites by Marriott Nashville Hendersonville. Arabtec helped build the Burj Khalifa The ruling also applies to Arabtec subsidiaries, including Arabtec Construction LLC, Austrian Arabian ReadyMix Concrete Company, Arabtec Precast LLC, Emirates Falcon Electromechanical Company (EFECO), Arabtec Construction LLC, and Emirates Falcon . Arabtec shareholders had authorised the board of the Dubai-listed construction company. High 0.55. The ruling also In July, Arabtec appointed Waleed Al Mokarrab Al Muhairi as the chairman of its board of directors. According to an internal email, Arabtec Holding shareholders authorized the board of directors of the Dubai-listed construction company yesterday to submit a liquidation request due to its unsustainable financial position as a result of the repercussions of the Coronavirus pandemic. Depa PLC ("Depa"), the leading global interior solutions group, notes the recent announcement in connection with the solvency of Arabtec Holding PJSC ("Arabtec"). Arabtec troubles come as the UAE's construction industry is forecast to contract by nearly 2% this year due to the impact of the global coronavirus pandemic By Staff writer Thu 1 Oct 2020 Shares in UAE-based Arabtec Holding were suspended on Thursday morning as the company remained silent over reports it is to be placed into liquidation . The company's shareholders on Wednesday approved the board's plan to liquidate. The Dubai-listed builder that is facing liquidation is hoping that funds raised will be used to pay creditors and salaries, said the sources, declining to be named as the matter is not public. UAE-based Arabtec Holding is to be placed into liquidation against a backdrop of "adverse market conditions". Arabtec Holding PJSC made the announcement after emails circulated on Wednesday among developers suggesting the firm's end had come. Dubai-based Arabtec Holding shareholders have authorised its board on Wednesday to file for liquidation, media reports have indicated. Dubai Financial Market-listed contracting giant Arabtec Holding will go into liquidation, Oil & Gas Middle East's sister title Construction Week reported.. Arabtec Holding PJSC is a United Arab Emirates-based company engaged, along with its subsidiaries, in the construction sector. Arabtec and certain subsidiaries filed for liquidation on Dec. 17, 2020, according to the shareholders' resolutions passed at the general . Dubai: Dubai Courts declared Arabtec Holding Company bankrupt and approved the liquidation of its assets in a final ruling on Monday. As part of the proceedings, DFM announced on 30 September that shares in Arabtec Holding were suspended.Following that, the shareholders of Arabtec Holding voted at a general assembly meeting to "discontinue with the company and dissolve it due to its . "Our current priority is to ensure that. Shareholders in Dubai construction company Arabtec Holding voted on Wednesday to discontinue the company and authorised the board to file for an insolvent liquidation, two sources familiar with . Despite trying to claw its way out of the chaos left by Dubai's . Last year, Arabtec Holding reported a net loss of Dhs774m, which it attributed to the construction business (Arabtec Construction). Each trustee overseeing an Arabtec Group entity facing liquidation has to submit a request to the court on the contractual and legal interests. Arabtec Holding files application for liquidation Corporate Actions Arabtec Holding's shareholders vote for liquidation Corporate Actions More Market Announcements. Urban Hemp Store. The Company operates in five business segment: the Building construction segment engages in the construction of high-rise towers, building and residential villas; the Precast and concrete production segment produces ready mix concrete and precast; the Drainage and . (Shutterstock) Leading Dubai-based contractor Arabtec Holding said it will go ahead with its plans to file application for insolvent liquidation in the competent courts 'at the earliest. The ruling also Read more on gulfnews.com. Arabtec Holding (Arabtec) is a heavy construction contractor. Arabtec posted a Dh774.5 million net loss in 2019, citing weaker income from its construction business amid tighter liquidity in the sector.