#Dubai Bank Goes After Debt-Laden Al Jaber’s Land in Finance Hub - Bloomberg

Dubai Bank Goes After Debt-Laden Al Jaber’s Land in Finance Hub - Bloomberg:

Dubai’s biggest bank is going after a plot of land in the city’s financial hub that belongs to debt-laden Al Jaber Group. 

Emirates NBD PJSC is seeking to seize or sell the undeveloped land in the Dubai International Financial Centre after becoming frustrated by the pace of assets sales under Al Jaber’s debt restructuring, according to people familiar with the matter and an enforcement letter sent by the bank.

The land -- worth about $70 million -- was used as collateral to secure a loan for Chairman Obaid Khaleefa Al Jaber Al Marri, the people said, asking not to be identified because the matter is private. Al Rihab Real Estate Co. LLC, a unit of Al Jaber, defaulted on a mortgage related to the land, they said.

Emirates NBD is among creditors seeking to take action against Al Jaber and recover funds after two rounds of debt restructuring, the people said. Al Jaber last year agreed to raise about $445 million from asset sales by the end of the year, while members of the Al Jaber family and other shareholders pledged to raise as much as $210 million by selling personal assets. Little progre