Dubai: As the Dubai-listed contractor Arabtec is preparing for liquidation after the coronavirus pandemic deepened its financial woes, necessary legal procedures have been taken to guarantee the rights and dues of its staff.
Sources at the Ministry of Human Resources and Emiratisation (MOHRE) told Gulf News a series of meetings had been held with the Labor Committee in Abu Dhabi, the Permanent Committee of Labor Affairs in Dubai, and other interested parties to swiftly address the repercussions of the company’s liquidation on employees.
“These meetings have resulted in an agreement with the company to pay the fdues of its employees through the liquidation of bank guarantees as well as the insurance documents of employees. The dues are being paid gradually in coordination with the UAE Central Bank,” the sources explained.
The employees have been offered two options: the first is to help them return to their countries while the second is to seek jobs with other companies in the UAE - after they have obtained their dues.
The ministry continues to provide daily meals for employees still housed at Arabtec accommodation facilities, and necessary health care is being provided in coordination with the Department of Health, the Abu Dhabi Distribution Company (ADDC), DEWA, Dubai Health Authority and Municipality.
Earlier in September, Arabtec shareholders authorised the board to file to go in for liquidation due to its untenable financial position. The company, which helped build the Louvre Abu Dhabi and the Burj Khalifa, suffered a first-half loss of $216.18 million, piling up accumulated losses of nearly $400 million.