Dubai contractor Arabtec to file for liquidation at ‘earliest opportunity’

a group of people riding on the back of a truck: Arabtec 2

© Motivate Publishing
Arabtec 2

Dubai contractor Arabtec Holding has confirmed that it will file an application for its insolvency liquidation at the courts at the “earliest opportunity”.

The decision was taken at a general assembly meeting held on November 30 and reversed efforts sought by a minority group of shareholders to restructure and save the company from liquidation.

“The board has concluded that it is no longer tenable for the company to continue operating outside of a formal insolvency process and that it is in the best interests of the company’s stakeholders that the company be placed into an insolvent liquidation (subject to court approval) at the earliest opportunity,” a statement issued by the company said, following the meeting on Monday.

The conclusion was reached following a two-month period of discussions with key stakeholders. During a board meeting in September, Arabtec shareholders

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The demand for ready-to-move-in villas and townhouses in Dubai surged to an all-time high in October. A total of 665 secondary or ready-to-move-in villas/townhouses were transferred during the month, 7.2 percent higher than in September 2020 and more than 500 percent higher than in May 2020, according to data from the Dubai Land Department (DLD).

In October 2020, the DLD recorded a total of 3,395 sales transactions worth AED 6.93 billion ($1.89 billion), with 37.2 percent in the off-plan segment and 62.8 percent in the secondary segment. This brings the year-to-date total to 27,815 sales transactions worth AED 57.43 billion, according to Mo’asher, Dubai’s official sales price index developed by DLD and Property Finder.

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The Jews in Dubai preparing the ground for Israeli tourists

We sat down with Dubai-based Jewelry designer Sarah Besnaino and her husband Steve Ben-Shimol, a real-estate entrepreneur who develops hotels and luxury condos. They have been living in Dubai for the past 5 years, where they maintain their Jewish tradition and rich community life. 

As the owner of an international Jewelry business in the Emirates, do you have any advice for Israelis who wish to start a new business there?

This is a very organized country, everything is very clear here, we have rules, we have great leaders that understand the importance of maintaining a free market, so it’s very easy to work here if you do it right. It’s extremely important to follow the rules and to do everything by the book. Although it might sound daunting, it’s definitely worth it. 


Are you ready for your new Israeli customers?
We are happy to have the borders open and very
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