Dubai Construction Giant Posts $627M Loss, Plans Further Cuts

The Dubai construction company that helped build the city’s record-breaking Burj Khalifa said it lost more than $600 million last year.

Tue March 08, 2016 - National Edition
Construction Equipment Guide


The Dubai construction company that helped build the city’s record-breaking Burj Khalifa said it lost more than $600 million last year.
The Dubai construction company that helped build the city’s record-breaking Burj Khalifa said it lost more than $600 million last year.

DUBAI, United Arab Emirates (AP) The Dubai construction company that helped build the city's record-breaking Burj Khalifa and many other buildings in the United Arab Emirates said it lost more than $600 million last year as building slows amid a slump in oil prices.

Arabtec Holding's preliminary results released Feb. 21 show a loss of 2.3 billion dirhams ($626.7 million) in 2015. That compares with a profit of 215 million dirhams a year earlier. Sales fell 12 percent to 7.3 billion dirhams.

Arabtec said results were hurt by “the continuing difficult environment ... and the challenging economic backdrop,” as well as several “poorly performing projects.”

Backed by Abu Dhabi's state-run Aabar Investments, the company has cut costs following the abrupt departure of its then-CEO in 2014. It said it plans further cuts this year.




Today's top stories

Waukesha Water's $286M Pipeline Meets Federal Requirements

Case Introduces Factory-Fit Machine Control for Dozers

Longwall Expansion Under Way in Walker County

Trimble Announces TSC5 Field Data Controller for Land, Construction Surveying

Top 10 Big Ticket Equipment Items Sold at Orlando 2021

Long-Awaited Smithfield Gateway Project Begins in Pennsylvania

Great People, Equipment Spur Success for N.C. Contractor

Koss Construction Keeps I-555 Job On Track


 






ceg-logo ceg-logo ceg-logo ceg-logo ceg-logo