Abu Dhabi’s Al Jaber Group Wins $700m Building Contract

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.