Dubai – Mubasher: Amanat Holdings is looking for fresh deals, as an attempt to benefit from the ailing private equity firm Abraaj Group, once one of the developing world’s influential investors.

The Dubai-listed company seeks more healthcare and education deals in the GCC, India, and Egypt, managing director Shamsheer Vayalil told Bloomberg.

“Amanat is well poised to lead the healthcare and education space in the region and abroad in the incumbent era,” Vayalil commented.

The Emirati company is planning to capitalise on Abraaj’s collapse and to learn some lessons from it, the top official noted. 

Arif Naqvi, the founder of The Abraaj Group, is facing criminal charges in the UAE for issuing a bounced cheque.

Earlier in June, Abraaj filed for liquidation, as a response to a group of liquidation petitions after the company was hit by money misuse allegations.

Cayman Islands court has approved a request submitted by Abraaj Group for a provisional liquidation of its business, allowing for a court-supervised restructuring and the protection of stakeholders’ rights.

Abraaj Group was accused of mishandling a $1 billion healthcare fund and audits discovered that the UAE-based company commingled investor funds with its own money in the healthcare fund.