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The Business of… 2010’s underperformers
Strikes, debt and defaults; 2010 hasn’t been kind to a lot of UAE businesses. Here is our pick of the biggest underperformers in 2010.
December 29, 2010 11:22 by shafeer
The news that privately owned construction/engineering/logistics group Al Jaber was asking for a year’s extension on its debt was one of the more shocking announcements coming from what many assumed was a thriving business scene in Abu Dhabi.
On the 20th of this month it was announced that Al Jaber Group had asked about 30 lenders if it could delay payments on Dh6 billion of debt by a year. According to data compiled by Bloomberg, BNP Paribas, First Gulf Bank, National Bank of Abu Dhabi and Mashreqbank PSC are among the creditors that have lent money to Al Jaber.
In an emailed statement the company said Al Jaber “found it difficult to raise the appropriate finance to secure additional work and maintain its expansion in the region” because of the credit crisis.
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