Home UAE Abu Dhabi Abu Dhabi’s Al Jaber Group Wins $700m Building Contract The project which includes 1,920 residential units for Adnoc staff in Ruwais is scheduled for completion in two years. by Reuters October 28, 2014 Abu Dhabi conglomerate Al Jaber Group, which agreed a debt restructuring in June, has won a Dhs2.57 billion ($699.80 million) contract to build 40 residential buildings in the emirate, it said on Tuesday. State-owned Abu Dhabi National Oil Company (Adnoc) awarded the contract to the family-owned group, Al Jaber said in a statement. The project which includes 1,920 residential units for Adnoc staff in Ruwais, a township 240 kilometres from Abu Dhabi, is scheduled for completion in two years. Al Jaber, which has operations in construction, aviation and retailing, signed a debt restructuring deal with bank creditors in June. The group did not reveal the amount of debt renegotiated, but bankers had previously said it was about $4.5 billion. 0 Comments
