Al Jaber Group is seeking a buyer for its engineering and contracting unit to repay banks as the group restructures USD1.6bn of debt. Al Jaber LEGT Engineering and Contracting (ALEC) may be worth USD545mn and has mostly received interest from local bidders. The company is rescheduling liabilities for a second time after signing an agreement with banks in June 2014, concluding about four years of negotiations. Al Jaber in July almost doubled the amount of cash it intends to raise from asset sales under a new debt repayment plan offered to creditors, people said at the time. It now plans to raise AED5.2bn by selling assets including real estate and shares by March  2018, compared with a proposal to sell AED2.75bn of assets earlier. ALEC, which started operations in 1999, employees about 14,000 people. It has worked on hotel, airport, and retail projects across the GCC. (Bloomberg)