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UAE’s Al Jaber close to agreement with lenders over debt

Abu Dhabi-based Al Jaber Group, which is negotiating the restructuring of over $1bn (Dhs3.67bn) in debt, has said it is close to reaching a standstill agreement with its core lenders, Reuters has reported. "The group confirms that it is continuing to move forward with its plans to reschedule its borrowings," the firm said. Al Jaber has significant exposure to indebted Dubai developer Nakheel, a unit of state conglomerate Dubai World undergoing its own restructuring, the source said. "A lot about the future of some of the Al Jaber companies depends upon the fate of trade creditors' restructuring being done by Nakheel."