ANL 34.00 Increased By ▲ 0.90 (2.72%)
ASC 14.90 Increased By ▲ 0.55 (3.83%)
ASL 25.10 Increased By ▲ 0.62 (2.53%)
AVN 92.20 Decreased By ▼ -0.30 (-0.32%)
BOP 9.14 Increased By ▲ 0.08 (0.88%)
BYCO 9.85 Increased By ▲ 0.15 (1.55%)
DGKC 134.70 Increased By ▲ 2.51 (1.9%)
EPCL 50.62 Increased By ▲ 0.52 (1.04%)
FCCL 24.63 Increased By ▲ 0.33 (1.36%)
FFBL 25.86 Increased By ▲ 1.46 (5.98%)
FFL 15.49 Increased By ▲ 0.47 (3.13%)
HASCOL 10.56 No Change ▼ 0.00 (0%)
HUBC 86.33 Increased By ▲ 1.23 (1.45%)
HUMNL 7.02 Increased By ▲ 0.27 (4%)
JSCL 25.65 Increased By ▲ 0.40 (1.58%)
KAPCO 41.55 Increased By ▲ 2.80 (7.23%)
KEL 4.02 Increased By ▲ 0.04 (1.01%)
LOTCHEM 14.45 Increased By ▲ 0.02 (0.14%)
MLCF 46.42 Increased By ▲ 0.54 (1.18%)
PAEL 37.25 Increased By ▲ 0.55 (1.5%)
PIBTL 11.70 Increased By ▲ 0.27 (2.36%)
POWER 10.25 Increased By ▲ 0.10 (0.99%)
PPL 90.90 Increased By ▲ 1.20 (1.34%)
PRL 26.86 Increased By ▲ 0.61 (2.32%)
PTC 8.71 Increased By ▲ 0.11 (1.28%)
SILK 1.35 No Change ▼ 0.00 (0%)
SNGP 42.71 Increased By ▲ 1.31 (3.16%)
TRG 146.10 Increased By ▲ 3.00 (2.1%)
UNITY 30.20 Increased By ▲ 0.41 (1.38%)
WTL 1.41 Decreased By ▼ -0.01 (-0.7%)
BR100 4,965 Increased By ▲ 76.98 (1.57%)
BR30 25,754 Increased By ▲ 477.72 (1.89%)
KSE100 45,837 Increased By ▲ 558.82 (1.23%)
KSE30 19,174 Increased By ▲ 275.54 (1.46%)
World

Abraaj’s founder Arif Naqvi contracts coronavirus

Arif Naqvi is going through treatment at a private health center. Last year, the Dubai Financial Services Auth
15 Apr 2020
  • Arif Naqvi is going through treatment at a private health center.
  • Last year, the Dubai Financial Services Authority (DFSA) fined two entities of private equity firm Abraaj $315 million, the largest financial penalties it had ever imposed.

Pakistan born financier Arif Naqvi, the founder of the now-defunct Middle Eastern firm Abraaj Group has reported having contracted the coronavirus.

As per details, Naqvi is going through treatment at a private health center and is of “on the road to recovery”.

“Today is my 4th day in the health center and I am hoping that they [hospital staff] will let me go home soon; my cough is certainly much better, my oxygen saturation is heading in the best instructions,” he said. Naqvi informed that he is still feeling low on energy however, it is something natural as his body is recuperating from the infection.

Last year, the Dubai Financial Services Authority (DFSA) fined two entities of private equity firm Abraaj $315 million, the largest financial penalties it had ever imposed.

In the first major fines on Abraaj, which collapsed in 2018, DFSA imposed a penalty of around $300 million on Abraaj Investment Management Ltd (AIML) and $15.3 million on Abraaj Capital Ltd. The fines were imposed for “serious wrongdoing by two Abraaj group companies included carrying out unauthorised activities in the DIFC and misusing investors' monies," the regulator said.

Abraaj, which filed for provisional liquidation in June 2018 in the Cayman Islands, was the largest buyout fund in the Middle East and North Africa until a row with investors over the use of money in a $1 billion healthcare fund.