Aviation
UAE Airline Starts Legal Case Against Abraaj Founder Naqvi

Air Arabia filed a lawsuit against Abraaj founder Arif Naqvi, becoming the first publicly-traded company to initiate legal proceedings against the Pakistani entrepreneur.
The low-cost carrier said it began legal proceedings “through the filing of a misdemeanor case” in a court in Sharjah, the United Arab Emirates. “Air Arabia Group has investments outstanding with private equity firm Abraaj,” it said in a statement.
The Dubai-listed airline, which has a market value of about $1.3 billion, said in June that it had an exposure of $336 million to funds managed by Abraaj Group, adding that it won’t have a “significant impact” on daily operations or its liquidity status.
Abraaj was one of the most high-profile private equity companies in the Middle East until its dramatic collapse last year. The firm owes banks more than $1 billion and is being restructured after it was found to have borrowed money from some of its own funds to meet operating expenses without investors’ consent, people with knowledge of the matter have said. The buyout firm at one point owned 17 percent of the carrier.
Air Arabia shares fell 1 percent at the close on Wednesday before the announcement.
In Wednesday’s statement, Air Arabia also said:
“Air Arabia’s previously appointed team of experts continue to be fully engaged with the JPL’s, stakeholders and creditors involved in the matter as the court-supervised restructuring of Abraaj continues.”
-
Economy2 months ago
Here’s Everything You Need to Know About Oman’s State General Budget for 2025
-
Alamaliktistaad Magazines2 months ago
Al-iktisaad, December 24
-
Automotive2 weeks ago
[REVIEW] A Legend Reinvented: The Nissan Patrol Y63 Blends Heritage with Modern Mastery
-
Banking & Finance2 months ago
His Majesty the Sultan Appoints Ahmed Al Musalmi as Governor of the Central Bank of Oman
-
OER Magazines3 weeks ago
OER, January 2025
-
Alamaliktistaad Magazines4 weeks ago
Al-iktisaad, January 2025
-
Banking & Finance4 weeks ago
Ishraq Waqf Investment Fund Announces Extension of IPO Subscription Deadline
-
Banking & Finance1 month ago
Bank Muscat’s 2024 Net Profit Grows To RO225.58Mn
You must be logged in to post a comment Login