Abraaj's founder steps down from Air Arabia’s board

Dubai – Mubasher: Abraaj Capital’s founder Arif Naqvi has resigned from Air Arabia’s board of directors.

The Dubai-listed carrier’s board stated that they held a meeting to discuss Mr Naqvi’s resignation, adding that a replacement will be appointed in the coming period, according to a company statement.

In June, Air Arabia announced that it has an overall exposure of $336 million to the UAE-based private equity firm Abraaj.

The Emirati private equity company, Abraaj Group, is now under a court-supervised liquidation after facing a backlash of money misusage allegations. 

Several companies in the region, particularly those listed in the UAE, have disclosed their exposure to Abraaj as per a circular issued by the Securities and Commodities Authority (SCA). Such companies included Air Arabia’s AED 1.2 billion exposure, Al Qudra Investments, and the Commercial Bank of Dubai (CBD).

Mubasher Contribution Time: 12-Aug-2018 12:43 (GMT)
Mubasher Last Update Time: 12-Aug-2018 12:49 (GMT)

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