Abu Dhabi conglomerate Al Jaber Group has won a Dh2.57-billion ($699.8 million) contract to build 40 residential build-ings for the Abu Dhabi National Oil Company (Adnoc).
The project includes 1,920 residential units for the state-owned oil company’s staff in Ruwais, a township 240 km from Abu Dhabi.
The housing scheme is scheduled for completion in two years.
Al Jaber, which has operations in construction, aviation and retailing, signed a debt restructuring deal with bank creditors in June.
The group did not reveal the amount of debt renegotiated, but bankers had previously said it was about $4.5 billion.