News – Middle East: Arabtec Holding - the largest contracting company in the UAE - announced on Monday its official bankruptcy and submitted an application to the court in this regard.

The company, which was founded in 1975, employs more than 45,000 employees who will be affected by the liquidation decision.

The company, which was listed on the Dubai Financial Market in 2005, has built the most famous landmarks in the Emirates, such as the Louvre Museum in Abu Dhabi and the Burj Khalifa in Dubai.

The company listed on the Dubai Financial Market said in a statement, "We will submit an application as soon as possible to the competent court to declare the company bankrupt and liquidate it."

Arabtec's move to liquidate comes after it incurred net losses in the first half of the year amounting to 794 million dirhams (216.2 million dollars), which exacerbated the accumulated losses to form 97% of the paid-up capital of 1.5 billion dirhams (408 million dollars).

Source: Agencies