<img src="https://trc.taboola.com/1321591/log/3/unip?en=page_view" width="0" height="0" style="display:none">
Fact Check Library

Fact Check with Logically.

Download the Free App Today

true
true

CLAIM ID

8cff040e

Arabtec, builders of the Burj Khalifa, are set to fall into liquidation.

The shareholders of Arabtec have voted to liquidate the company due to the untenable financial situation.

The shareholders of Arabtec have voted to liquidate the company due to the untenable financial situation.Construction companies in the Gulf region are facing a reckoning as governments pull back on spending due to the difficult situation created by the coronavirus pandemic. The shareholders of the Arabtec Holding PJSC, builders of Louvre Abu Dhabi and the world’s tallest skyscraper, the Burj Khalifa held a general assembly meeting on September 30, 2020. They decided to discontinue and dissolve the company which posted a net loss of AED 794 million in H1 2020. Shareholders planned liquidation to maximize value for the stakeholders through a controlled and efficient program. Waleed Al Mokarrab Al Muhairi, Chairman of Arabtec, said that the company is in bad condition and no restructuring can be done. The liquidation application is expected to be submitted to the competent courts after discussion with the main stakeholders. The move will affect thousands of jobholders and contractors.

.

Have a question or correction on one of our fact-checks?

If you think a claim has been misjudged or requires correction, please send us evidence to support your error claim. We will revisit our evidence and verdict and conduct additional research to verify new information.

Fact Check of the Day

misleading

397 children were diagnosed with heart inflammation after receiving Pfizer’s COVID-19 vaccine in U.S.