August 12 - International media reports suggest that Abu Dhabi's construction, engineering and marine services operator, Al Jaber Group, is preparing to sell its transport and lifting subsidiary, Al Jaber Heavy Lift.
The reports suggest that Al Jaber has hired Barclays to find buyers for the unit. Bloomberg News, which first reported the possible sale, suggested that it could be worth USD500 million to USD1 billion.
Imad S. Al Najjar, Al Jaber's corporate communications & public relations director stated that Al Jaber Group does not have any comment on what was published by Bloomberg and Khaled Abdulla, Barclays' head of communications for the Middle East, also declined to comment to HLPFI.
In June, Al Jaber concluded a debt restructuring deal with its creditors after more than three years of negotiations.