Arabtec Succumbs to Liquidation But May Seek to Shield Key Unit

One of the key divisions of Arabtec Holding PJSC will escape being dissolved along with the rest of the company, as banks moved to contain the fallout from the collapse of the firm that helped build the world’s tallest building.

Target Engineering Construction Co. won’t be part of Arabtec’s liquidation process and will likely be sold, according to people familiar with the matter, who asked not to be named because the information is private.

Four local lenders from Dubai and Abu Dhabi -- Mashreq Bank, First Abu Dhabi Bank PJSC, Dubai Islamic Bank and Abu Dhabi Commercial Bank PJSC ...