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Arabtec project sites are not operating in full active mode, according to construction industry sources. The market is waiting for Arabtec to provide some updates on its operations. Image Credit: Clint Egbert/Gulf News |
The UAE’s once mighty construction giant Arabtec is all set to be broken up. It sure looks that way.
On Sunday (March 21), the parent entity – Arabtec Holding – submitted a bankruptcy petition with the Dubai Court. Not just that, four of its subsidiaries too are going through the process - Arabtec Construction llc; Austrian Arabian Readymix Concrete Co.; Arabtec Precast; and Emirates Falcon Electromechanical Co..
But what’s missing from this mix is just as interesting – Target Engineering Construction Co. and Arabtec Engineering Services. Target, which is Arabtec’s specialist subsidiary for the oil industry, remains active on the project front, and as recently as November picked up a $38 million contract in Saudi Arabia. It also owns and operates marine vessels.
Which would make it interesting for any entity wanting to buy up Target. And this subsidiary could well be the first to be hived off from Arabtec as part of the long process that bankruptcy typically is.
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