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.
-
OER Magazines2 months ago
OER, February 25
-
Alamaliktistaad Magazines2 months ago
Al-iktisaad, February 2025
-
Banking & Finance2 months ago
Sohar International Appoints Abdul Wahid Mohamed Al Murshidi as Chief Executive Officer
-
Energy2 months ago
Oman Gets Its First Hydrogen Refueling Station
-
News2 months ago
Shell Oman Marketing Company Hosts the 1st Lubricants Technology Conference in Muscat
-
News2 months ago
Oman Explores Semiconductor & EV Investments with EONH Private Holdings & Jetour Global
-
Economy1 month ago
Is Gold a Good Investment in 2025? A Deep Dive into the Precious Metal’s Future
-
News2 months ago
Opinion: Understanding AI’s Ministry of Truth