On October 24, the Dubai court declared Arabtec Holding insolvent and approved the liquidation of its assets in a final ruling.

The ruling also applies to Arabtec's subsidiaries, including Arabtec Construction LLC, Austrian Arabian ReadyMix Concrete Company, Arabtec Precast LLC, Emirates Falcon Electromechanical Company (EFECO), Arabtec Construction LLC and Emirates Falcon Electromechanical Company (EFECO ).

The Receiver will form at least three creditor committees. Each committee shall appoint a representative to negotiate all auction, sale and liquidation procedures with the Receiver and the Court.

The Dubai court also deprived the directors of Arabtec and its board members of the right to manage the parent company and domestic and foreign subsidiaries. At the same time, the court ordered a precautionary seizure of all funds of Arabtec Holding and its subsidiaries.

On September 30, 2020, Arabtec Holding filed for bankruptcy and liquidation due to its inability to continue operations in the wake of the New Crown Pneumonia outbreak.

In early January 2021, Arabtec officially launched bankruptcy proceedings after a failed injection of new capital. Arabtec was once the largest construction contractor in Dubai and one of the largest in the Gulf region, involved in the construction of landmark buildings such as the Burj Khalifa and the Louvre.