Sheikh Mohamed bin Issa al Jaber, Saudi Arabia’s third-richest person, plans to expand his luxury- hotel holdings in Portugal and elsewhere in Europe as the region’s debt crisis presents a buying opportunity for investors with cash.
Al Jaber Group, a family-owned industrial group in Abu Dhabi, reached a deal with creditors including HSBC Holdings Plc to restructure about $4 billion of debt, according to two people familiar with the matter.
Sheikh Mohamed bin Issa al Jaber is bidding for a stake in a Portuguese golf and beach resort popular with sports stars such as soccer’s Cristiano Ronaldo as Saudi Arabia’s third-richest person seeks to expand his hotel business.
Abu Dhabi-based Al Jaber Group is in the final stages of talks with creditors to restructure 16.5 billion dirhams ($4.5 billion) of debt, the National newspaper reported, citing people familiar with the talks.
Bloomberg Markets’ inaugural list of the world’s richest people showcases the billionaires who pull the levers on the global economy. Their net worth totals $2.7 trillion, about the size of the gross domestic product of France, the fifth-biggest economy on the planet.
Masdar, Abu Dhabi’s government- backed renewable energy company, is on track to develop a clean- energy city on time and intends to maintain its current level of spending, its chief executive officer said.
Al Jaber Group, an Abu Dhabi-based holding company with interests in construction, asked about 30 lenders if it could delay payments on around 6 billion dirhams ($1.6 billion) of debt by a year, two bankers familiar with the situation said.