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UAE family conglomerate Al Jaber hires Khannak as CFO - sources
August 12, 2015 / 8:09 AM / 2 years ago

UAE family conglomerate Al Jaber hires Khannak as CFO - sources

ABU DHABI Aug 12 (Reuters) - Abu Dhabi family-owned conglomerate Al Jaber Group, which is seeking to renegotiate a debt restructuring put in place last year, has hired Ala Khannak as its new chief financial officer, two sources aware of the matter said on Wednesday.

Khannak assumed his role at Al Jaber this week, the sources told Reuters, declining to be named citing confidentiality.

He replaces Sam Deeb, who was suspended by the company in April pending disciplinary action which it did not elaborate on at the time.

An Al Jaber spokesman declined to comment, citing company policy.

Khannak was formerly finance head of state-owned Abu Dhabi Ports Company, which he left at the end of last year. Before that, he was CFO of Sorouh Real Estate, the firm that was combined in 2013 with Aldar Properties in a state-backed merger.

Al Jaber, whose main business is construction but also has interests in areas from retail to aviation, sealed a drawn-out debt restructuring agreement in June 2014.

However, sources told Reuters in July it was talking to its creditors again, seeking to reduce the interest rate on its debt and extend the maturity of its loans.

Reporting by Stanley Carvalho; Editing by David French and Susan Thomas

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