United Arab Emirates

Jet Airways Ltd and second-largest shareholder Etihad Airways have been holding rescue talks with bankers of the indebted Indian carrier, three people aware of the matter told Reuters on Wednesday. Executives of the airlines met State Bank of India officials in recent days to discuss Jet's cash flow and business plan, two of the people said, the International New York Times reported on a Reuters story. One said Jet has outstanding dues of about $400 million (314.29 million pounds), mainly owed to lessors and vendors.

Etihad Airways is holding talks with Jet Airways Ltd and its bankers on a rescue plan for the debt-laden Indian carrier, two sources aware of the matter told Reuters. Executives from Etihad and Jet have met some of the airline's bankers in Mumbai in recent days to discuss ways to address its cash flow issues and evaluate the carrier's future business plan, the sources said.

Arif Naqvi, founder of troubled buyout firm Abraaj, is making a last-ditch effort to rescue the remaining business of what was once one of the largest investors in emerging markets. The $13.6 billion (10.63 billion pounds) company crumbled this year following turmoil triggered by a row with investors, including the Gates Foundation, over the use of their money in a healthcare fund, the International New York Times reported on a Reuters story.

Emaar Properties PSJC reported the lowest quarterly profit in almost three years, showing that Dubai’s lengthening real estate slump is starting to weigh down even its most resilient builders, Bloomberg News reported. Emaar, which built the world’s tallest tower in the Persian Gulf emirate, said third-quarter profit dropped by 29 percent, missing estimates. That follows earnings slumps and losses at competitors amid signs that the slowdown may continue for years longer than anyone had predicted.

Dubai-based construction giant Arabtec has confirmed that it has hired New York-based investment bank Moelis & Co to advise on a new restructuring plan, Arabian Business reported. The company, which last year embarked on a three-phase roadmap to stabilise and prepare the business for growth, said one of the strategic objectives for 2018, Prepare, is to continue to strengthen its balance sheet, including the refinancing of debt to provide a sustainable platform for continued growth.

Dubai Holding LLC, the investment firm owned by the emirate’s ruler, agreed to acquire a minority stake in the operator of Zara clothing and Virgin Megastore chains in the Middle East, according to people with the matter. The stake purchase in Beirut-based Azadea Group values the business at more than $1 billion, the people said, asking not to be identified as the matter is private, Bloomberg News reported. The two parties reached an initial agreement on the transaction last week, the people said.

Dubai’s Arabtec Holding has hired New York-based investment bank Moelis & Co to work on a new debt-restructuring plan for the construction company, three sources told Reuters. The move comes little more than a year after Arabtec raised 1.5 billion dirhams ($408.4 million) in a rights issue to wipe out accumulated losses and separately asked banks to waive terms on its debt, Reuters reported.

In January, the Abraaj Group had $14 billion of assets under management and was trying to raise $6 billion for what would be the world’s largest emerging-markets private-equity fund. It’s now the world’s largest insolvent private-equity firm. In June, it filed for provisional liquidation. During its rise, the Dubai-based firm attracted many Western investors. Its founder, Arif Naqvi, promised to make money by doing good in poorer countries, including with a fund that would invest in hospitals serving African and Asian cities, The Wall Street Journal reported.