01 November 2014

Abu Dhabi conglomerate Al Jaber Group has won a Dh2.57-billion ($699.8 million) contract to build 40 residential build-ings for the Abu Dhabi National Oil Company (Adnoc).

The project includes 1,920 residential units for the state-owned oil company’s staff in Ruwais, a township 240 km from Abu Dhabi.

The housing scheme is scheduled for completion in two years.

Al Jaber, which has operations in construction, aviation and retailing, signed a debt restructuring deal with bank creditors in June.

The group did not reveal the amount of debt renegotiated, but bankers had previously said it was about $4.5 billion.

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