United Arab Emirates

Abraaj Group, the private-equity firm that collapsed after defaulting on debt, will get a 70 percent stake in C&I Leasing Plc by converting a $10 million loan into equity in the Nigerian company, Bloomberg News reported. “Abraaj knows that pulling out $10 million will be detrimental to the growth of the business, so rather than cash out, they decided to convert,” C&I Chief Executive Officer Andrew Otike-Odibi said by phone from Lagos. Once done, C&I plans a rights issue or an initial public offering that may dilute Abraaj’s stake to about 30 percent, he said.

Commercial Bank of Dubai (CBD), which lent around $170 million to Abraaj, will take stakes in the troubled private equity firm’s funds which were offered as security against the debt, three sources familiar with the matter said. Dubai-based Abraaj, worth $13.6 billion, was the largest buyout fund in the Middle East and North Africa until it collapsed last year following turmoil triggered by a row with investors, including the Gates Foundation, over the use of their money in a $1 billion healthcare fund, Reuters reported.

Noor Bank PJSC, which provided a $100 million loan to the collapsed Abraaj Group, won the right to swap the debt for stakes in some of the Dubai-based buyout firm’s funds, according to people with knowledge of the matter. Privately-held Noor Bank won approval from a court in the Cayman Islands, where Abraaj is undergoing a supervised restructuring, to take ownership of stakes in the funds that were pledged against the loan, the people said, asking not to be identified because the process is private, Bloomberg News reported.

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.