SignIn
Kerala Kaumudi Online
Monday, 07 July 2025 7.46 AM IST

Burj Khalifa builder Arabtec to close down, file for liquidation

Increase Font Size Decrease Font Size Print Page
burj-khalifa

DUBAI: Shareholders of United Arab Emirates-based Arabtec Holding, which helped build the world’s tallest skyscraper, voted to dissolve the debt-laden firm in a move likely to threaten thousands of jobs and scores of suppliers and sub-contractors in the Persian Gulf.

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.

TAGS: BURJ KHALIFA, ARABTEC
JOIN THE DISCUSSION
KERALA KAUMUDI EPAPER
TRENDING IN WORLD
TRENDING IN WORLD
X
Lorem ipsum dolor sit amet
consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat.
We respect your privacy. Your information is safe and will never be shared.