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

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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 which is 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.

Source: https://www.bloomberg.com/news/articles/2020-01-19/dubai-bank-goes-after-debt-laden-al-jaber-s-land-in-finance-hub?srnd=premium-middle-east


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