Page 62 - Magazine March 2021

Companies News Contractors News

CEO of Dubai EBS

contractor Arabtec resigns amidst its ongoing liquidation nears completion of four Expo 2020 pavilions

Emirates Building Systems (EBS),
a wholly-owned subsidiary of
Dubai Investments and a leading

manufacturer of steel structures, is
nearing the completion of four Expo
2020 pavilions worth in excess of

AED23 million ($6.2 million).
The company is steadily progressing
with the steel structure and

fabrication works of the Kuwait,
Russia, Indonesia and Uzbekistan
pavilions.
To complete the engineering, Joseph Chidiac, General Manager of Emirates Building

fabrication and erection works of the pavilions, EBS Systems, said: “Close on heels to one of the most
has supplied more than 2,400 metric tons (MT) of awaited event – the Expo 2020, EBS is excited to
The CEO of Dubai contractor Arabtec Wail Farsakh on December 17 after shareholders decided it was
steel. The decking and accessories for the pavilions be extending our services and expertise to the
has resigned after less than a year in role even as “no longer tenable for the company to continue
are also being supplied by EBS. participating countries. Each pavilion is symbolic and
the company remains in the midst of liquidation. operating outside of a formal insolvency process”.
The Kuwait and the Russia pavilions are estimated at represents a nation and a lot of planning has been
“We would like to announce the resignation of The application to the courts also requests that
more than 6,500 sq. m each. The Indonesia pavilion integrated into the design elements.
Wail Farsakh as group CEO of Arabtec Holding. We Arabtec Construction, Austrian Arabian Readymix
on the other hand is spread across 3,200 sq. m and “Providing a solid structural framework to these
would like to take this opportunity to thank him for Concrete and Arabtec Precast are placed into
the Uzbekistan pavilion stands with an area of 2,300 pavilions, is crucial in determining well-laid external
his efforts and leadership over the past year,” the insolvent liquidation.
sq. m. More than 18,500 sq. m of pavilion space facades along with enhancing the overall look
Dubai-listed company said in a brief statement on However, for now, no application will be made to the
is being constructed with the EBS products. The and feel of the project. Integrating our technical
Dubai Financial Market (DFM) on Thursday. competent courts in respect of any of the company’s
works are being completed and being handed over expertise, implementing the past project experience
Farsakh, who joined Arabtech as group COO in other subsidiaries.
for most of the pavilions, with the minor remaining and optimizing product capability, the Expo 2020
September 2019, was made the group CEO in April Last month, Arabtec said it had hired deNovo
works currently progressing steadily and on track to pavilions add up to the list of complex and prestigious
2020, replacing Peter Pollard. Corporate Advisors and Lumina Capital Advisers
complete the structural works on time. projects for EBS.”
He was primarily focused on restructuring Arabtec’s to sell off some of its subsidiaries including Target

construction business. Engineering and Arabtec Engineering Services (AES).
The struggling construction company’s shareholders “We would like to notify you that the company has
announced on November 30 that they were going commenced considering possible routes available

for liquidation after failing to find any strategic to it with a view to protecting the value of liquidation
investors. assets in the interest of all of its creditors,” it said in
It filed for insolvent liquidation in the local court a bourse statement.

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