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).