June 18, 2018 / 10:49 AM / 6 months ago

Air Arabia says working to protect its investment in Abraaj

DUBAI, June 18 (Reuters) - Dubai-listed Air Arabia said on Monday it has an investment in Abraaj funds, without elaborating further on its exposure to the private equity group which last week filed an application for provisional liquidation.

Abraaj’s founder Arif Naqvi is a board director of the Middle East low-cost carrier, according to Air Arabia’s website.

The airline said it has appointed a team of experts who are “actively engaged with all stakeholders and creditors involved with the matter to ensure Air Arabia’s investment and business interest is protected.”

Stocks in Air Arabia were down 7 percent on Monday because of the link between the airline and the Dubai-based private equity firm, market sources said.

Reporting by Davide Barbuscia, Saeed Azhar, Alexander Cornwell; editing by David Evans

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