Abraaj founder Arif Naqvi resigns from Air Arabia board | GulfNews.com:
Arif Naqvi, the founder of beleaguered private equity firm Abraaj, has resigned from the board of directors of Air Arabia, according to a statement filed by the airline on the Dubai Financial Market (DFM) on Sunday.
According to the statement, the board discussed Naqvi’s resignation at meeting held on August 9. The board will nominate a replacing member within the coming weeks, the statement added.
In mid-June, the Sharjah-based airline had disclose that it had $336 million (Dh1.2 billion) invested in Abraaj funds but said its exposure to the embattled group would not impact its operations. Air Arabia’s exposure to Abraaj was through fund portfolios and short-term investments.
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