Kuwait’s Agility has teamed up with New York-based Centerbridge Partners for its bid to acquire all or part of the investment management unit of Dubai-based Abraaj, according to a report by news agency Reuters.

MEED understands the team is among potential buyers for Abraaj Investment Management Limited, which, along with parent firm Abraaj Holdings, filed for provisional liquidation in the Cayman Islands in June following months of dispute with investors and creditors.

Agility’s agreement with Centerbridge is non-exclusive, according to Reuters, which means it could still bring in another partner if necessary.

It is understood Agility is working on forming a team of investment professionals to help manage the business it hopes to acquire.

Agility is reportedly reviewing its initial bid based on new financial information being made available to potential buyers by Deloitte, one of the joint provisional liquidators, and will re-submit it.

Abraaj’s troubles began last year following allegations by high profile investors, led by the Bill & Melinda Gates Foundation, that a $1bn healthcare fund had been diverted and used to pay management fees and other expenses.

Agility reported a net profit of KD68.5m ($225.6m) in 2017, up 16 per cent over the previous year.