The Abu Dhabi-based conglomerate Al-Jaber Group has concluded a multibillion-dollar debt restructuring.

The company did not disclose the final amount of debt, but it is thought to be approximately $4.5bn.

The firm, which has its main interests within the construction industry, ran into trouble in 2010 when it struggled to reach its debt repayments.

Creditors to the company include local lenders Abu Dhabi Commercial Bank, National Bank of Abu Dhabi and Union National Bank, and UK banks HSBC and Royal Bank of Scotland.

In an official statement, Al-Jaber Group chairman, Obaid Khaleefa al-Jaber al-Marri, said the deal was a “great milestone” for the group and banks.

He added that throughout the negotiations, the group continued to operate and win new business in the UAE, the wider Gulf region and Asia.

In July last year, Al-Jaber Building, an Al-Jaber Group company, secured a contract worth more than AED1.77bn (283m) from the Abu Dhabi firm Saadiyat Investment & Development Company to construction high-end beachfront villas.