Construction company Arabtec said on Sunday it filed a bankruptcy application at Dubai court and a panel of seven experts was reviewing it.
The experts will prepare a report on the holding company and its subsidiaries including Arabtec Construction, Austrian Arabian Readymix Concrete Company, Arabtec Precast and Emirates Falcon Electromechanical Company, the company said in a statement to the Dubai Financial Market.
The panel will also evaluate the company’s financial position and examine the possibility of restructuring.
“The experts convened the first meeting with the legal representatives of Arabtec Holding and the joining parties (Global Advocacy & Legal Counsel). The matter is still under consideration with the experts’ panel, whereas their report has not been issued yet,” the company said.
Construction companies in the region have faced headwinds following the coronavirus pandemic as work was slowed on some sites to maintain social distancing and new projects were delayed or cancelled, leading to a liquidity crunch.
The shareholders of Arabtec, which has built landmark projects such as Louvre Abu Dhabi and the world's tallest skyscraper Burj Khalifa in Dubai, authorised the board to file for liquidation in September due to its untenable financial position.
Arabtec reported a net loss of Dh788 million ($214.5m) in the first half of last year as revenue for the period fell 28 per cent to Dh3.02 billion.
Two more companies including GSI Steel Construction Contracting and Gulf Steel Industries have also been added to the bankruptcy application, according to Arabtec.
Earlier this year, the contractor said it is planning to sell its two subsidiaries Target Engineering and Arabtec Engineering Services (AES) to protect the value of its assets amid liquidation.
Arabtec appointed corporate advisory firm company deNovo to advise on the potential sale of Target while Lumina Capital will advise on the sale of AES, the company said.
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
Coming soon
Torno Subito by Massimo Bottura
When the W Dubai – The Palm hotel opens at the end of this year, one of the highlights will be Massimo Bottura’s new restaurant, Torno Subito, which promises “to take guests on a journey back to 1960s Italy”. It is the three Michelinstarred chef’s first venture in Dubai and should be every bit as ambitious as you would expect from the man whose restaurant in Italy, Osteria Francescana, was crowned number one in this year’s list of the World’s 50 Best Restaurants.
Akira Back Dubai
Another exciting opening at the W Dubai – The Palm hotel is South Korean chef Akira Back’s new restaurant, which will continue to showcase some of the finest Asian food in the world. Back, whose Seoul restaurant, Dosa, won a Michelin star last year, describes his menu as, “an innovative Japanese cuisine prepared with a Korean accent”.
Dinner by Heston Blumenthal
The highly experimental chef, whose dishes are as much about spectacle as taste, opens his first restaurant in Dubai next year. Housed at The Royal Atlantis Resort & Residences, Dinner by Heston Blumenthal will feature contemporary twists on recipes that date back to the 1300s, including goats’ milk cheesecake. Always remember with a Blumenthal dish: nothing is quite as it seems.
Tickets
Tickets start at Dh100 for adults, while children can enter free on the opening day. For more information, visit www.mubadalawtc.com.
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
