First Abu Dhabi Bank PJSC commenced the auction process for a hotel in Dubai owned by indebted construction group Al Jaber, Reuters reported, citing two sources.
The bank has set the starting price at 700 million dirhams for the Shangri-La-operated property.
First Abu Dhabi Bank, the main lender for the hotel, initiated the process to recover creditor funds following delays in 2019 in the restructuring of 5.9 billion dirhams of loans by Al Jaber, one of the sources told the news outlet.
Al Jaber declined to comment, while First Abu Dhabi Bank was not immediately available for comment, Reuters added. Abu Dhabi Commercial Bank, which is among the creditors, did not immediately respond to a request for comment.
As of Jan. 9, US$1 was equivalent to 3.67 United Arab Emirates dirhams.