Arab Today, arab today engineering group collapses risking 2000 jobs in me
Last Updated : GMT 12:19:39
Arab Today, arab today
Arab Today, arab today

Engineering group collapses, risking 2000 jobs in ME

Arab Today, arab today

Arab Today, arab today Engineering group collapses, risking 2000 jobs in ME

Abu Dhabi - Arabstoday

A major Australian builder with contracts across the Emirates has gone bust, threatening 2000 jobs throughout the Middle East. Hastie Group worked on projects worth billions of dirhams in the UAE, including Abu Dhabi\'s Dalma Mall and Dubai\'s JAL Towers. Problem contracts in the region are understood to be behind the company\'s sudden collapse. Administrators from PPB Advisory were called into run the company this week and more than 40 of its units. \"The administrators will remain in control of the companies that comprise the mechanical, electrical and plumbing (MEP) businesses in Australia as well as operations in the Middle East,\" said PPB in a statement. With more than 7000 employees worldwide, Hastie Group grew to become a global name in mechanical and electrical contracting. In its 2011 shareholder review, Hastie Group said that collection of cash in the Middle East had been a major challenge for the company. \"We remain acutely aware of Hastie Group’s role on major construction projects and are assessing those urgently. We will provide an update to employees and other affected parties as soon as possible,” said Ian Carson, PPB Advisory Chairman of Partners. Hastie went into administration this week with around US$492.1 million of debt, according to Dow Jones. The plumbing, air conditioning and refrigeration services had a market capitalization of around A$220 million as recently as last year. But it faced a litany of issues well before A$20 million went missing from its services division and put the final nail in the company\'s coffin, Dow Jones reported. Hastie has been trying to renegotiate its debt for over a year. From/thenational

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today engineering group collapses risking 2000 jobs in me Arab Today, arab today engineering group collapses risking 2000 jobs in me

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today engineering group collapses risking 2000 jobs in me Arab Today, arab today engineering group collapses risking 2000 jobs in me

 



Arab Today, arab today Designer Rania Adel reveals her new collection

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 23:13 2017 Sunday ,18 June

New ransomware virus attacking mobiles in Oman
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday