Dubai – Mubasher: The Abraaj Group, which was one of the world’s biggest private equity companies with $14 billion investments, has reportedly failed to pay its rent in the Dubai International Financial Centre (DIFC).
The DIFC has notified Abraaj that the lease of one of its offices in Dubai’s special economic zone is expired and, therefore, it should be vacated.
“We will continue to work with all parties to achieve the best outcomes for investors and the DIFC. This will naturally include reviewing premises requirements when leases expire or need to be reviewed,” DIFC said.
Abraaj was accused of mishandling a $1 billion healthcare fund and audits discovered that the UAE-based company commingled investor funds with its own money in the healthcare fund.
Several companies in the region, particularly those listed in the UAE, have disclosed their exposure to Abraaj as per a circular issued by the Securities and Commodities Authority (SCA). Such companies included Air Arabia’s AED 1.2 billion exposure, Al Qudra Investments, and the Commercial Bank of Dubai (CBD).
