Abu Dhabi investment fund Aabar Investments is to buy $20m worth of shares in private US aviation firm Xojet, according to a statement issued by the UAE fund on 10 February.

Xojet offers private jet services to business and leisure travellers. Under the deal, Aabar and Xojet will form a UAE-based joint venture that will provide private aviation services to various destinations in the Middle East and North Africa.

The US firm has a fleet of more than 100 aircraft in service or on order, and currently offers services to more than 25,000 airports across five continents.