Arabtec Cuts Thousands of Jobs Ahead of Liquidation

Dubai-listed contractor Arabtec has terminated thousands of workers again in recent weeks, sources said, as the construction firm prepares for liquidation after the coronavirus pandemic deepened its financial woes, Reuters reported. Arabtec Holding shareholders in September authorised the board to file for liquidation due to its untenable financial position. The company, which helped build the Louvre Abu Dhabi and the world’s tallest skyscraper, the Burj Khalifa in Dubai, suffered a first-half loss of $216.18 million, piling up accumulated losses of nearly $400 million. Arabtec has laid off more than 5,000 employees over two weeks, mostly labourers, two sources familiar with the move told Reuters. Dozens of workers milling about in front of an Arabtec accommodation block in Dubai also said they had all been terminated in the past two weeks. Read more