Burj Khalifa Builder Arabtec Set To Fall Into Liquidation
- Arabtec shareholders voted to liquidate Abu Dhabi builder
- Company has two months to find another solution with creditors
The Burj Khalifa skyscraper, center.
Photographer: Christopher Pike/BloombergThis article is for subscribers only.
Shareholders of United Arab Emirates-based Arabtec Holding PJSC, 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 companies 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.