Pakistani financier Arif Naqvi quits Air Arabia board

Arif Naqvi, the founder of embattled private equity firm Abraaj Group, has resigned from the board of low-cost carrier Air Arabia, the airline announced.

According to Arabian Business, the airline’s board of directors discussed on August 9 the resignation of board member Arif Naqvi, adding that a replacement will be nominated in the coming weeks. Earlier, the airline disclosed exposure of $336 million to funds managed by the Dubai-based firm.

The Karachi-born founder of Abraaj Group is currently out of the UAE. He is facing lawsuits and reached an out-of-court settlement in a Dh177 million case in July. A court hearing has been announced for a second lawsuit involving Dh798 million on August 14.

In July, the public prosecutor’s office in Sharjah issued a warrant of arrest against Naqvi and the case was heard by a Sharjah court, before it was dismissed following an ‘agreement’ reached by both parties for an out of court settlement.

Meanwhile, Air Arabia announced Dh230 million for the first half of 2018, a decline of 12 percent. Its shares lost 2.9pc on Sunday to close at Dh1.02, reported Khaleej Times.