Abraaj was Dubai’s star investor; now it can’t pay rent

Abraaj was Dubai’s star investor; now it can’t pay rent:

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 $1bn 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.