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Arabtec cuts thousands of jobs ahead of liquidation - sources

Nov 10, 2020 - Nasdaq

By and Lisa Barrington

DUBAI, Nov 10 (Reuters) - Dubai-listed contractor Arabtec ARTC.DU has terminated thousands of workers again in recent weeks, sources said, as the construction firm prepares for liquidation after the coronavirus pandemic deepened its financial woes.

Arabtec Holding shareholders in September authorised the board to file for liquidation due to its untenable financial position.

The company, which helped build the Louvre Abu Dhabi and the world's tallest skys...