Construction firms that sprang up more than a decade ago as a building bonanza swept Dubai and much of the Gulf are facing a reckoning as governments pull back on spending. Arabtec’s board will have a maximum of two months “to allow for discussions with the main stakeholders before a liquidation application may be submitted to the competent courts,” the company said.
The impact on jobs would be “substantial” since the firm has about 40,000 employees, Jaap Meijer, head of equity research at Arqaam Capital, told a news channel.
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