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FINANCIAL NEWS
Dubai’s Arabtec to use USD 272mn to avoid losses
02 Jun 2016
(MENAFN) Dubai construction Co. Arabtec Holding confirmed a plan to use USD 272mn of the firm’s reserves to wipe out some of its losses.
Moreover, the company struggled with a difficult industry environment as Gulf economies slow and governments restrain spending due to low oil prices.
In addition, the firm confirmed in 2014 to build 1mn homes for middle-income Egyptians by 2020 in a USD 35bn project.
Accordingly, Arabtec shareholders also approved the appointment of two new members to an expanded seven-person board.
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