Interest submissions must be made to the trustee of the Bankruptcy Procedures Case within five working days of the ad appearing. Arabtec Engineering Services specializes in micro tunneling, road contracting and service lines, sewerage networks, and lifting operations.
Arabtec Holding filed for bankruptcy in early January 2021, after all, efforts to raise new capital and attract new investors fell through. Arabtec was once one of the largest contractors in the Gulf, having worked on projects such as the Burj Khalifa and the Louvre in Abu Dhabi.
Arabtec declared bankruptcy in the midst of mounting losses in the billions, resulting from a tightening project market. The pandemic impact of 2020 put a further damper on new projects during the year. Arabtec also had significant exposures to creditors, and when new funds to shore up the company could not be found, voluntary liquidation was the only option.
Arabtec had several subsidiaries, some of which took on project work outside of the UAE. Selling some of the core units would thus be an essential part of the bankruptcy procedures, and this is exactly what Arabtec Engineering Services is doing. Some of the recent contracts won by Arabtec Holding have since been awarded to new contractors.
With property demand high, developers in Dubai are returning to offplan launches, which translates to increased project activity. More tenders are expected to be issued over the next four months, with the majority of them for property development.
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