BUZZ: Air Arabia plunges on Abraaj disclosure

Budget airline disclosed on Wednesday its $336 million overall exposure to embattled private equity company Abraaj

Alexander Cornwell, Reuters News

June 21, 2018

Air Arabia shares down 6 percent in early trade in Dubai trading.

Budget airline disclosed on Wednesday its $336 million overall exposure to embattled private equity company Abraaj, which last week filed for provisional liquidation.

Air Arabia said Abraaj exposure is through fund portfolios and short-term investments.

Air Arabia said impact is limited to investment portfolio and that there is no significant impact on airline's daily or future business.

Dubai index flat in early trade on Wednesday.

(Reporting by Alexander Cornwell, editing by Davide Barbuscia)