The private equity firm Abraaj Capital has held talks with Motivate Publishing over buying a majority stake in the company.
Talks between the two Dubai-based companies were initiated almost a year ago, with intense negotiations taking place last March and April, according to sources close to the companies.
A final decision on the potential acquisition is expected to be made after Ramadan.
Motivate is behind magazines such as Gulf Business, What's On and Emirates. It also publishes regional editions of Campaign, Golf Digest and Hello! under license from international media companies.
Senior executives at Abraaj Capital and Motivate Publishing declined to comment when contacted by The National.