By Andy Sambidge
Conglomerate's chairman hails 'great milestone'; says planning to execute new projects
Abu Dhabi-based conglomerate Al Jaber Group announced on Tuesday that it has successfully completed its debt restructuring agreement with banks.
Al Jaber, a family-owned group with operations in aviation, construction and retailing, had been in talks with bank creditors to renegotiate its obligations since 2011.
No figure for the amount of debt renegotiated was given in the statement, but bankers had previously said it was in the region of $4.5 billion.
Al Jaber Group chairman, Obaid Khaleefa Al Jaber Al Marri, said: "I am pleased to announce that Al Jaber Group has successfully completed the debt restructuring agreement with its creditors.
"This is a great milestone for both the Group and the banks, and is a testimony to the solid market positioning of Al Jaber Group and an outcome of its long history of its achievements in the UAE and the region."
The company added in a statement that it has secured multi-billion dirham projects in the first three quarters of 2014, and will announce further new project wins in the fourth quarter of this year.
"The finalisation of the agreement will enable us to proceed in executing our plans and focus on our operations for winning and executing new strategic projects", Al Marri added.
In June, Al Jaber Group said it had signed a debt restructuring deal with its bank creditors, ending years of talks over its debt pile.