Naqvi’s battle to avoid ‘Abraaj nemesis’ tag | Arab News:
"One VIP was missing from the opening night of Art Dubai last March. The emirate’s annual culture fest normally kicked off with its biggest patron, Arif Naqvi of private equity giant Abraaj Group, glad-handing dignitaries, saying a few words over the mike, sometimes leading off a song or two for the culture-vultures enjoying the glamorous bash.
This year, Naqvi has more urgent things to do. Just a few weeks before, it had emerged that some of the biggest investors in the $1 billion health care fund were unhappy about the way $200 million of their money had been misdirected away from hospital projects in Africa and Asia.
No cash was missing, it had been returned to the investors, and an internal probe had been launched to find out what had gone wrong. But big-name investors like the Bill and Melinda Gates Foundation and the World Bank were angry about the arbitrary way in which their cash had been treated, and wanted blood."
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