ADFG offers revised bid for Abraaj funds

Abu

Dhabi Financial Group (ADFG) has submitted a revised bid to acquire the management rights for the Middle East funds of stricken Dubaibased Abraaj, according to a document seen by Reuters.

Private equity firm Abraaj has 10 Middle East funds with some 200 investors from across the globe in these funds. Abraaj filed for provisional liquidation in the Cayman Islands in June after months of turmoil related to a row with investors over the use of their money in a $1 billion (Dh3.67 billion) health care fund. (Reuters)