Banking & Finance
First Bank Abu Dhabi Begins To Auction Al Jaber’s Shangri-La in Dubai

The First Bank Abu Dhabi (FAB), the largest lender in the United Arab Emirates, has reportedly commenced with the auction process for a hotel in Dubai operated by the Shangri-La and owned by construction group Al Jaber.
Reuters reported that the starting price is AED 700 million ($ 190.59 million). FAB is the main lender for the Shangri-La hotel.
Al Jaber, the debt-ridden contractor, has been struggling since downturn hit the real estate and construction market in the UAE.
The auction marks the first step by creditors to “recover funds after delays to a restructuring agreement for 5.9 billion dirhams of debt last year,” sources told Reuters.
Creditors for Al Jaber group includes Abu Dhabi lender Abu Dhabi Commercial Bank.
-
Banking & Finance2 days ago
Oman Arab Bank Announces Increase of Authorised Capital to RO500mn and Paid‑In Capital Boost of RO50mn
-
OER Magazines2 months ago
OER, April 25
-
Alamaliktistaad Magazines2 months ago
Al-Iktisaad, April 25
-
Renewables1 month ago
Jindal Renewables and OQ Alternative Energy Sign Joint Development Agreement to Advance Integrated Renewable Power Projects in Oman
-
Business2 months ago
St. Petersburg International Economic Forum 2025 unveils its Business Programme
-
Leaders Speak1 month ago
OERLive SPOTLIGHT: Oman Sustainability Week 2025 and Oman Petroleum & Energy Show
-
Alamaliktistaad Magazines1 month ago
Al-Iktisaad, May 25
-
OER Magazines4 weeks ago
OER, May 2025