The firm were in hundreds of millions of dollars in debt and losses at the start of the year. And with the Covid-19 pandemic slowing the construction industry, they were unable to recover.
Arabtec chairman, Waleed al-Muhairi, said: “Despite efforts to pursue legal and commercial entitlements and a restructuring of the company’s finances and operations, the situation in which Arabtec finds itself today is untenable.”
The firm were founded in 1975 and as well as building skyscrapers, they were also involved in the oil industry, creating the infrastructure to pump for oil and gas.
Countdown to Expo 2020 Dubai starts again
Staying with big news, the countdown to Expo 2020 Dubai has started again.
And while it might be taking place in 2021, the name remains the same – Expo 2020 Dubai.
The huge event will run from October 1 to March 31 and showcase some amazing technology, art and design from 192 countries from across the world.
The main themes for next year’s events are energy, smart cities, global challenges, sustainability, agriculture and now health. And it will be the first Expo in the Middle East, Africa and South Asia.