Abraaj is said to close DIFC HQ after missing rent

Dubai International Financial Centre told Abraaj to vacate its main office in the financial freezone by the end of the month
Abraaj is said to close DIFC HQ after missing rent
The company has been based in the DIFC since 2006 and occupied two floors of a building in the district’s Gate Village.
By Bloomberg
Wed 26 Sep 2018 11:57 AM

Abraaj, once one of the most influential emerging-market investors, plans to vacate its headquarters in Dubai’s business hub after the embattled buyout firm failed to pay rent, people with the knowledge of the matter said.

Dubai International Financial Centre told Abraaj to vacate its main office in the financial freezone by the end of the month, the people said, asking not to be identified as the information is private.

The lease on one of the company’s offices has expired, one of the people said. Employees have been informed and Abraaj is looking for temporary office space, another person said.

Employees at Abraaj’s $1 billion healthcare fund, which is being taken over by TPG, will continue to work from a separate office in the financial centre, the people said.

Abraaj, which is in the midst of a court-appointed restructuring, has about 50 people and liquidators working from its headquarters, one person said.

The company has been based in the DIFC since 2006 and occupied two floors of a building in the district’s Gate Village. Abraaj, which once managed about $14 billion, grew along with Dubai’s desire to create a world-class financial centre, until allegations of the misuse of money emerged in February.

‘Reviewing premises’

The DIFC Authority, which manages the freezone, said it’s unable to comment on specific matters relating to clients.

"We will continue to work with all parties to achieve the best outcomes for investors and the DIFC," according to an emailed statement.

"This will naturally include reviewing premises requirements when leases expire or need to be reviewed.”

Deloitte LLP and PricewaterhouseCoopers LLP, which are now seeking to settle more than $1 billion in debts through asset sales, declined to comment.

At its peak, Abraaj oversaw funds from 18 offices in emerging markets spanning Latin America, Africa and Asia. Abraaj Capital is registered in the DIFC and regulated by the Dubai Financial Services Authority.

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.