Al Jaber Group, a family-owned Abu Dhabi conglomerate, has suspended its finance chief ahead of a disciplinary process as it faces another round of financial restructuring.
The company, which last summer signed a deal with creditors over about Dh15 billion of debt, said Sam Deeb, its chief financial officer, had been suspended.
“The Al Jaber Group announced that the group chief financial officer had been suspended, pending a disciplinary hearing,” the group said. A spokesman declined to elaborate.
Mr Deeb was appointed to the top financial job at the company a year ago, and led it through negotiations that culminated in the restructuring of its debt last June after four years of tough negotiations.
Just a couple of weeks ago, however, it emerged Al Jaber had approached creditors – including HSBC, National Bank of Abu Dhabi, Abu Dhabi Commercial Bank and Royal Bank of Scotland – with a view to seeking better terms, with lower interest rates and a longer repayment period.
Banks are still considering whether to formally reopen negotiations.
“They [Al Jaber] were already beginning to find the repayment terms a little onerous,” one person familiar with the talks said. Al Jaber has interests in contracting, engineering and shipping, but found itself caught at the wrong stage of the business cycle in the aftermath of the 2009 financial crisis.
About half of the Dh15bn debt total consists of secured loans and overdrafts, while the rest of the debt was unsecured.
Al Jaber is also believed to have incurred losses on foreign exchange transactions in 2011.
Mr Deeb was hired in January 2014 from the Lebanese consumer goods firm Transmed, having previously worked for regional telecoms companies. The CFO position at Al Jaber has been the focus of much uncertainty, with four incumbents in the past two years.
fkane@thenational.ae
Follow The National's Business section on Twitter
Fifa World Cup Qatar 2022
First match: November 20
Final 16 round: December 3 to 6
Quarter-finals: December 9 and 10
Semi-finals: December 13 and 14
Final: December 18
Profile of Tamatem
Date started: March 2013
Founder: Hussam Hammo
Based: Amman, Jordan
Employees: 55
Funding: $6m
Funders: Wamda Capital, Modern Electronics (part of Al Falaisah Group) and North Base Media
Tips for entertaining with ease
· Set the table the night before. It’s a small job but it will make you feel more organised once done.
· As the host, your mood sets the tone. If people arrive to find you red-faced and harried, they’re not going to relax until you do. Take a deep breath and try to exude calm energy.
· Guests tend to turn up thirsty. Fill a big jug with iced water and lemon or lime slices and encourage people to help themselves.
· Have some background music on to help create a bit of ambience and fill any initial lulls in conversations.
· The meal certainly doesn’t need to be ready the moment your guests step through the door, but if there’s a nibble or two that can be passed around it will ward off hunger pangs and buy you a bit more time in the kitchen.
· You absolutely don’t have to make every element of the brunch from scratch. Take inspiration from our ideas for ready-made extras and by all means pick up a store-bought dessert.
More from Neighbourhood Watch:
Herc's Adventures
Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5
Killing of Qassem Suleimani
Profile box
Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
At Eternity’s Gate
Director: Julian Schnabel
Starring: Willem Dafoe, Oscar Isaacs, Mads Mikkelsen
Three stars
COMPANY PROFILE
Name: Kinetic 7
Started: 2018
Founder: Rick Parish
Based: Abu Dhabi, UAE
Industry: Clean cooking
Funding: $10 million
Investors: Self-funded
The years Ramadan fell in May
Company Profile
Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government
The five pillars of Islam
Zayed Sustainability Prize
DEADPOOL & WOLVERINE
Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin
Director: Shawn Levy
Rating: 2.5/5
UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
Guardians of the Galaxy Vol 3
Director: James Gunn
Stars: Chris Pratt, Zoe Saldana, Dave Bautista, Vin Diesel, Bradley Cooper
Rating: 4/5
Sly Cooper and the Thievius Raccoonus
Developer: Sucker Punch Productions
Publisher: Sony Computer Entertainment
Console: PlayStation 2 to 5
Rating: 5/5
Read more from Aya Iskandarani
The Secret Kingdom
Director: Matt Drummond
Stars: Alyla Browne, Alice Parkinson, Sam Everingham
Rating: 3/5
Credit Score explained
What is a credit score?
In the UAE your credit score is a number generated by the Al Etihad Credit Bureau (AECB), which represents your credit worthiness – in other words, your risk of defaulting on any debt repayments. In this country, the number is between 300 and 900. A low score indicates a higher risk of default, while a high score indicates you are a lower risk.
Why is it important?
Financial institutions will use it to decide whether or not you are a credit risk. Those with better scores may also receive preferential interest rates or terms on products such as loans, credit cards and mortgages.
How is it calculated?
The AECB collects information on your payment behaviour from banks as well as utilitiy and telecoms providers.
How can I improve my score?
By paying your bills on time and not missing any repayments, particularly your loan, credit card and mortgage payments. It is also wise to limit the number of credit card and loan applications you make and to reduce your outstanding balances.
How do I know if my score is low or high?
By checking it. Visit one of AECB’s Customer Happiness Centres with an original and valid Emirates ID, passport copy and valid email address. Liv. customers can also access the score directly from the banking app.
How much does it cost?
A credit report costs Dh100 while a report with the score included costs Dh150. Those only wanting the credit score pay Dh60. VAT is payable on top.
Kill Bill Volume 1
Director: Quentin Tarantino
Stars: Uma Thurman, David Carradine and Michael Madsen
Rating: 4.5/5
FIGHT CARD
Lightweight 10 rounds:
Bader Samreen (8-0-0) v Jose Paez Gonzales (16-2-2)
Super flyweight 10 rounds:
Sultan Al Nuaimi (9-0-0) v Jemsi Kibazange (18-6-2)
Cruiseweight 8 rounds:
Mohammed Bekdash (25-0-0) v Musa N’tege (8-4-0)
Super featherweight 8 rounds:
Bishara Sabbar (6-0-0) v Mohammed Azahar (8-5-1)
Welterweight 6 rounds:
Marwan Mohamad Madboly (2-0-0) v Sheldon Schultz (4-4-0)
Heavyweight 4 rounds:
Youssef Karrar (1-0-0) v Muhammad Muzeei (0-0-0)
Welterweight 6 rounds:
Benyamin Moradzadeh (0-0-0) v Rohit Chaudhary (4-0-2)
Featherweight 4 rounds:
Yousuf Ali (2-0-0) (win-loss-draw) v Alex Semugenyi (0-1-0)
COMPANY PROFILE
Company name: Klipit
Started: 2022
Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant
Based: Dubai, UAE
Industry: Digital receipts, finance, blockchain
Funding: $4 million
Investors: Privately/self-funded
if you go
Abu Dhabi traffic facts
Drivers in Abu Dhabi spend 10 per cent longer in congested conditions than they would on a free-flowing road
The highest volume of traffic on the roads is found between 7am and 8am on a Sunday.
Travelling before 7am on a Sunday could save up to four hours per year on a 30-minute commute.
The day was the least congestion in Abu Dhabi in 2019 was Tuesday, August 13.
The highest levels of traffic were found on Sunday, November 10.
Drivers in Abu Dhabi lost 41 hours spent in traffic jams in rush hour during 2019
Dengue fever symptoms
High fever (40°C/104°F)
Severe headache
Pain behind the eyes
Muscle and joint pains
Nausea
Vomiting
Swollen glands
Rash
Company Profile
Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8
The view from The National