Dubai's Arabtec Asks Banks For Debt Standstill For Subsidiary

Arabtec Holding asked banks this week for a three-month standstill on debt repayments for its subsidiary Target, sources said, as the Dubai-listed builder that is facing liquidation seeks to save some of its business, Reuters reported. Target specialises in oil and gas projects and marine work with operations in the United Arab Emirates, Qatar and Saudi Arabia, its website says. Shareholders, including Abu Dhabi state fund Mubadala Investment Co, voted last month to liquidate Arabtec after losses deepened due to the coronavirus crisis. Officials from Arabtec, which helped build the world’s tallest skyscraper in Dubai and the Louvre in Abu Dhabi, were not immediately available for comment on Thursday. Read more