Al Jaber Group, an Abu Dhabi-based holding company with 16 billion dirhams ($4.4 billion) in projects, is talking to lenders to alter terms on its debt.
The company “found it difficult to raise the appropriate finance to secure additional work and maintain its expansion in the region” because of the credit crisis, Al Jaber said today in an e-mailed statement. The company, which has assets of more than $5 billion, said it expects to reach an agreement with its lenders in 2011.
Property prices in Abu Dhabi, the United Arab Emirates’ capital and holder of 7 percent of the world’s oil supply, have dropped more than 30 percent since their peak in mid-2008 after banks cut mortgage lending amid the financial slump. Government economic-growth forecasts for the emirate have been crimped and population forecasts lowered as the crisis slowed growth.
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