Arif Naqvi

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Arif Masood Naqvi
Born
Arif Masood Naqvi

(1960-07-13) 13 July 1960 (age 58)
Alma materKarachi Grammar School
London School of Economics

Arif Masood Naqvi (born 13 July 1960 in Karachi, Pakistan) is a Pakistani businessman who was the founder and chief executive of The Abraaj Group. In 2018 he was accused by investors of misappropriation of investor funds, leading to a collapse of Naqvi's reputation and the provisional liquidation of his company.[1]. It was later disclosed through a series of emails, that Naqvi was using the funds for personal use including for family members and other personal relationships. The company is being investigated by the Dubai regulators.[2]

Early life and education[edit]

Naqvi completed his early education from Karachi Grammar School and graduated from London School of Economics.[3]

Career[edit]

Arif Naqvi began his career with Arthur Andersen in London and American Express in Karachi. In the early 1990s, he joined the Olayan Group in Saudi Arabia, the Kingdom’s largest trading company. In 1994 he started an investment firm in Dubai called Cupola with $50,000 of his own savings.[4] In 1999, Naqvi purchased Inchcape Middle East, for $102 million, with $4.1 million in equity, making it the MENA region’s first leveraged buyout.[5] Naqvi then sold off pieces of the company for a total of $173 million.[citation needed]

In 2002, Naqvi founded Abraaj Capital, and in 2012 the company merged with Aureos Capital to become The Abraaj Group. As of March 2018, Arif Naqvi has stepped down as CEO of The Abraaj Group, as the Company has become the subject of multiple investigations regarding its fund management practices.

Philanthropy[edit]

In 2008, Naqvi and his family established the Aman Foundation, a local, not-for-profit trust in Pakistan, focusing on health, nutrition and education.[6]

Awards[edit]

In 2007, Naqvi was granted the Sitara-i-Imtiaz by the Government of Pakistan, in recognition of his outstanding service in the field of public services.[7] In 2015, Naqvi was awarded with the BNP Paribas Grand Prix for Individual Philanthropy by BNP Paribas.[8]

References[edit]

  1. ^ Alloway, Tracy; Nair, Dinesh; Martin, Matthew (14 June 2018). "The Downfall of Dubai's Star Investor". Bloomberg Businessweek.
  2. ^ "Subscribe to read". Financial Times.
  3. ^ "Arif Naqvi". www.theamanfoundation.org.
  4. ^ MacBride, Elizabeth (23 November 2015). "The Story Behind Abraaj Group's Stunning Rise In Global Private Equity". Forbes. Retrieved 25 September 2017.
  5. ^ Hamdan, Sara (27 April 2011). "Mideast Private Equity Pioneer Looks Beyond the Unrest". The New York Times. Retrieved 25 September 2017.
  6. ^ "Archived copy". Archived from the original on 2016-03-07. Retrieved 2016-02-28.
  7. ^ "President of Pakistan confers Sitara-e-Quaid-e-Azam on Al Abbar". Emirates News Agency. March 23, 2007. Retrieved 18 January 2017.
  8. ^ Bladd, Joanne (29 June 2015). "Dubai entrepreneur Arif Naqvi wins philanthropy award". PhilantropyAge.