Shareholders of loss-making Dubai construction company Drake & Scull will meet on Sept. 27 to decide whether to dissolve the company, Drake & Scull announced on Wednesday. The company, which posted a second-quarter net loss of 181.1 million dirhams ($49.3 million) compared to a year-earlier loss of 182.7 million dirhams, said it was calling a general assembly under an article of United Arab Emirates company law, Reuters reported. The law requires companies to vote on whether they should continue operating if their accumulated losses have reached half of their issued share capital.

Ahmad Hamad Algosaibi & Brothers Co. will seek to prevent Arab National Bank and another lender from claiming assets of the Saudi Arabian company to settle outstanding loans, according to its acting chief executive officer. Algosaibi will oppose the move because the assets are meant to be frozen by a royal decree to ensure all creditors are treated fairly, Simon Charlton said in an interview in Dubai, without naming the second bank, Bloomberg News reported.

It was a deal that should have provided Abraaj Group with one of its biggest ever paydays. Instead the failure to sell a majority stake in Pakistan’s K-Electric to a Chinese group has all but crippled the Dubai-based private equity group, the Financial Times reported. Had the $1.8bn sale gone through at the end of 2017, its parent, Abraaj Holdings, would have received almost $450m. It didn’t.

Qatar Airways is reviewing plans for its own domestic Indian airline due to “confusing” foreign ownership rules and could work with a partner in India or take a stake in IndiGo instead, its chief executive said on Tuesday. The state-owned Gulf carrier has long coveted the Indian aviation market, which is the fastest growing in the world, and in 2017 said it would set up a domestic airline, a year after India eased foreign investment rules for the sector, Reuters reported.

Dubai’s economic downturn is starting to weigh on some of the emirate’s biggest state-linked companies, Bloomberg News reported. S&P Global Ratings cut the credit worthiness of Dubai’s utility monopoly and a company that owns properties in Dubai’s financial center. Explaining its decision, S&P said it was concerned that Dubai’s deteriorating “credit conditions” may affect the ability to provide extraordinary support to state-related firms if needed. The move is the latest sign that one of the most diversified economies in the Middle East is coming under pressure.

More than 10 private-equity firms including Canadian real-estate firm Brookfield Asset Management have emerged as contenders to buy some or all of the funds managed by Dubai private-equity firm Abraaj Group, according to an email sent to investors reviewed by The Wall Street Journal. Thomas Barrack’s Colony Capital Inc. has also re-entered the race after an earlier deal to buy four of Abraaj’s funds fell through after failing to secure sufficient investor support…The Wall Street Journal reported. Interested parties have until Sept.

Arif Naqvi, the founder of embattled Dubai-based private-equity firm Abraaj Group, and Crescent Group’s Hamid Jafar reached a settlement in a $217 million bounced-check case, Naqvi’s lawyer said two days after a court sentenced him to prison, Bloomberg News reported. The announcement comes after a court in the United Arab Emirates sentenced Naqvi -- who is outside the country -- and another executive, Rafique Lakhani, to three years in jail and ordered them to pay court expenses, according to court documents seen by Bloomberg. The verdict was issued on Aug. 26, the documents show.

Credit Suisse Group AG plans to buy back about 5.9 billion francs ($6 billion) of debt issued after the financial crisis to the Qatar Investment Authority and Saudi Arabia’s Olayan family to cut funding costs, Bloomberg News reported. The bank will redeem the contingent convertible bonds -- which automatically become equity when reserves fall below pre-set levels -- on Oct. 23, the first opportunity to do so, according to a statement from the bank on Tuesday.

Investors in a $1.6 billion-Abraaj Group fund said they are owed at least $300 million by the floundering Middle Eastern private equity firm, according to a letter seen by Bloomberg News. They also ask to remove the company as manager. The estimate of what is owed to Private Equity Fund IV by Abraaj is nearly triple the $94.6 million found after a review by Abraaj’s accounting firm Deloitte LLP in June, Bloomberg News reported. The investors are also seeking to stop paying management fees to Abraaj, citing breach of duties to the fund, according to the letter dated Aug.13.

Saudi Arabia’s sovereign wealth fund is primed to choose international banks to lend it $11 billion (€9.5 billion), filling the hole left by the delayed listing of state energy group Saudi Aramco and providing financing for crown prince Mohammed bin Salman’s ambitious economic reforms, The Irish Times reported. The loans will be the first made to the Public Investment Fund, the vehicle used to drive the young prince’s vision for an economy less dependent on oil, which has placed bold bets on electric car maker Tesla, ride-hailing app Uber and space travel company Virgin Galactic.