Dubai’s crisis-hit Arabtec Holding announced on Thursday that its group CEO Wail Farsakh has resigned as the construction company continues its liquidation process.
In a filing to Dubai Financial Market, the company thanked Farsakh for “his efforts and leadership over the past year”.
Farsakh (pictured below), the former general manager of Dutco Balfour Beatty, joined Arabtec as group chief operating officer in 2019 and was promoted to CEO of Arabtec Construction just a month later following the resignation of Boyd Merrett.
Farsakh’s resignation comes after Arabtec has hired advisors as it seeks to sell subsidiary companies to secure best value for creditors.
It appointed deNovo Corporate Advisors and Lumina Capital Advisers last month as it looks to offload Target Engineering and Arabtec Engineering Services (AES).
It added that possible routes include auction sales of some of the company’s subsidiaries.
The resignation is the latest twist in a long-running saga after the construction company officially filed for liquidation late last year.
On December 17, the company, which was valued at about AED30 billion ($8.17 billion) at its peak in 2014, said it and some of its subsidiaries had filed for insolvent liquidation pursuant to the resolutions of its shareholders on September 30 and November 30.
The impact of the liquidation of Arabtec is expected to send “reverberations” throughout the industry, with the repercussions felt on a much wider scale than simply those who are directly involved with the company and its current pipeline of projects, analysts told Arabian Business at the time of the initial announcement.
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