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Burj Khalifa builder Arabtec to close; thousands of expatriates may lose jobs

Burj Khalifa builder Arabtec to close; thousands of expatriates may lose jobs

Dubai based Construction Company Arabtec goes into liquidation because of heavy financial losses following the outbreak of COVID-19. The company's shareholders approved the board's plan to liquidate. Arabtec reported losses of 794 million dirhams ($216 million) in first six months of 2020, citing tight liquidity and limited new projects.

Arabtec is one of the biggest construction companies in the UAE, which employs almost 40,000 people, making its impending closure a huge blow to employees, suppliers and sub-contractors. This will be a huge blow to the Indian expats living in the UAE.

According to experts, the Middle East's construction industry is in turmoil. Arabtec will not be the last high-profile casualty to liquidate unless changes are made in the sector. In January, Australia's CIMIC Group took a $1.23bn write off on its 45 per cent stake in BIC Contracting and exited the Middle East. Drake & Scull International recently revealed it had appointed a new CEO and CFO, the latest in a string of senior job announcements as the company proceeds with finalizing an organizational and financial reorganization plan.

The company has been involved in some UAE's top projects such as the Louvre Museum, the Burj Khalifa, Dubai International Airport's expansion, the Al Maktoum International Airport, among others.

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TAGS:Arabtech UAE India labor Indian labours in UAE 
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