Emirates NBD Goes After Debt-Laden Al Jaber’s Land in Finance Hub

Emirates NBD Goes After Debt-Laden Al Jaber’s Land in Finance Hub

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 - 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.. Emirates NBD is among creditors seeking to take action against Al Jaber and recover funds after two rounds of debt restructuring, the people said.. Little progress has been made on these sales, the people said.. Lenders including Abu Dhabi Commercial Bank PJSC and First Abu Dhabi Bank PJSC have already forced the sale of the Shangri-La hotel in Dubai and are seeking to do the same for the Shangri-La hotel in Abu Dhabi, the people said.. Representatives for Emirates NBD, Abu Dhabi Commercial Bank, First Abu Dhabi Bank declined to comment..