Al Jaber Group, a family owned business with interest spanning construction, engineering, shipping, increased the amount of cash it plans to raise from asset sales under a new repayment plan for its USD1.6bn (AED5.9bn) debt. Al Jaber plans to raise AED5.2bn by selling assets such as property and shares by March 2018 compared to AED2.75bn planned earlier. The company said that it has already raised AED1.3 bn. It plans to raise another AED1.5bn by year-end, of which it will use AED600mn to repay debt and for working capital, and AED650mn to repay creditors who want to exit at c50 cents to dollar. The remaining debt is to be extended to 2024. National Bank of Abu Dhabi, Abu Dhabi Commercial Bank, First Gulf Bank, Union National Bank, which hold c50% of Al Jaber’s USD1.6bn debt, have agreed to the new debt repayment plan. (Bloomberg)