They say a week is a long time in politics, and for a company as embroiled in corporate politics as Arabtec Holding, it can be a long time in construction, too.

Less than two months ago, UAE-based Arabtec Construction was aiming to be one of the 10 largest construction companies in the world.

In just over a week, that goal has become impossible and the company is locked in a fight for survival after its CEO (and largest official shareholder) resigned, and much of its senior management has been fired following a month when its share price has more than halved, its major shareholders have changed.

The corporate turmoil means that prospective clients will now think twice before giving Arabtec new work as there will be genuine concerns about the financial strength of the company, and perhaps more importantly, its ability to manage risk.

Although Arabtec claims a backlog of AED60bn ($16bn), much of that work has yet to move into the actual construction phase, meaning it is possible, rather than actual, work in hand. Nevertheless, the company already has major commitments on largescale projects such as the Midfield Terminal Building at Abu Dhabi International airport, the Louvre museum on Saadiyat Island, Al-Ain Hospital, and the Abu Dhabi Plaza being built in Astana, Kazakhstan.

Should any of these projects start to encounter difficulties, then Arabtec’s problems will multiply significantly. To make matters worse, unlike before, when the company appeared to have the firm backing of senior decision-makers in Abu Dhabi, that support is now no longer certain. This means that any bumps in the road that could have easily been smoothed over before could now become major, if not critical, issues for the company.

The new management at Arabtec will be aware of the risks that confront them, but given the reckless abandon with which the company has been managed in recent months, the question is: Are the people running the company prepared to fight for its survival?