Why Arabtec's woes could be 'tip of the iceberg' for UAE construction sector - Arabianbusiness:
A leading economist has warned the reported demise of UAE construction giant Arabtec could be the tip of the iceberg and forecast increased concerns for the industry amid the continuing coronavirus crisis.
It was announced on Wednesday that the shareholders of Arabtec Holding had voted to place the company into administration.
Concerns over the future viability of the company, which has combined losses of almost AED1.5 billion, have been circulating for some time, with matters coming to a head at this week’s delayed annual general meeting.
The latest hammer blow to the industry comes after 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 finalising an organisational and financial reorganisation plan.
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