Corona economic crisis

  Corona economic crisis impoverishes UAE giant construction company        

                             

          

Thursday, December 3, 2020, 17:57 Dubai (Urdu Point the latest newspaper. December 3, 2020) Corona epidemic world The financial corpses of big companies and airlines across the country have been removed. Many companies in the emirate have also suffered from a severe financial crisis. According to the Khaleej Times,

The well-known Emirati a construction company in the Gulf region was also affected by the crisis to such an extent that the shareholders of the company have announced to end it and declare the bank bankrupt. At a recent meeting of Arab Tech Company shareholders, some shareholders recommended stopping the liquidation process in September.

However, the majority of shareholders have refused to retain the company and continue its existing business. In an email to the media, Arab Tech said that the board of directors had decided that it was not in the interest of the shareholders to keep the company in the business, so the plan to dissolve the company would be implemented after court approval. Abu Dhabi State Fund Exchange Investment Company, a major shareholder, along with other major companies, voted in favor of liquidation in September 2020.

The reason was the economic crisis caused by Corona. Five percent of Arab Tech's shareholders were not in favor of the bank's bankruptcy and liquidation approval, but their position was not recognized due to opposition from the majority. It should be noted that Arab Tech had a huge deficit of 6 216.18 million in the first six months of the year 2020, while it had a financial deficit of tens of millions of dollars, bringing the total deficit to 400 million. The company laid off 8,000 employees this year. Arab Tech says the Corona epidemic has hit the construction sector hard, and investors' capital has sunk.