Abu Dhabi Builder Holds Talks to Revamp $545 Million in Debt

Abu Dhabi-based construction firm Al Fara’a Group is in talks with banks to restructure about 2 billion dirhams ($545 million) in liabilities, according to people familiar with the matter, Bloomberg News reported. A large chunk of this is held by local lenders including Abu Dhabi Commercial Bank PJSC and First Abu Dhabi Bank PJSC, the people said, asking not to be identified because the matter is private. The group has been facing difficulties for a number of years and has cut thousands of jobs, delayed payments to employees and vendors, some of the people said. Established in 1980, privately-held Al Fara’a once employed 18,000 people. It is active in oil and gas, steel, interiors and concrete, and has worked on several mega-projects across the Middle East, according to its website. Read more