Arabtec has hired restructuring advisor AlixPartners following five straight quarters of financial losses, Reuters has reported citing three anonymous sources.
The firm will offer recommendations on how to boost the company’s funding and cash flow to support newly-awarded projects, the sources said who declined to be named.
Dubai-based Arabtec, which was part of the consortium that built Burj Khalifa, has lost around 77 percent of its share value since May 2014.
Arabtec declined to comment on AlixPartners’ appointment when contacted by Reuters on Sunday, but signalled the company is embarking on rolling out a new strategy in 2016.
“It is a refined strategy, rather than a wholesale revamp,” said Steven Salo, Arabtec’s investor relations head.
Arabtec is aiming to cut costs and this could include job cuts, its chairman Mohamed al-Rumaithi told reporters at its annual shareholder meeting on Wednesday.
The contractor will go to banks for funding but there will be no bond issues for the time being, Rumaithi said on Wednesday, without elaborating.
Among the builder’s pipeline of projects includes a AED 1.7bn ($463mn) contract awarded last month by the UAE federal government to build 1,100 houses in Fujairah.