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Abu Dhabi, UAETuesday 14 August 2018

Business Extra podcast: The unravelling of Abraaj

We also provide summer-spending tips for those on holiday and discuss more of the week's business news in this episode

Arif Naqvi, the founder of private equity firm Abraaj Group. Bloomberg
Arif Naqvi, the founder of private equity firm Abraaj Group. Bloomberg

The fall from grace of private-equity firm Abraaj Group took a new turn this week as founder Arif Naqvi faces another criminal case surrounding a bounced cheque, this one for the sum of Dh798 million.

For years, Abraaj projected a lavish and strong brand to the group's many high-profile investors. Now Naqvi and the group are under fire for being unable to pay for loans he had taken out to prop up the company. Will the Abraaj brand be able to recover?

Host Mustafa Alrawi discusses this and more in this week's Business Extra podcast. Listen here:

Also discussed in this episode:

  • The National's personal-finance writer Alice Haine gives tips to the many on holiday this summer who might be wondering how best to get the most out of their funds while abroad.
  • Tourism numbers for Abu Dhabi showed growth over last year while Dubai's stayed flat, a sign of resilience for the UAE's tourism industry while at the same time, global tourism numbers are mostly down.
  • Apple's strong third-quarter numbers have the company on pace to become the world's first trillion-dollar company.

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Read more:

Abraaj founder faces new bounced cheque case in latest blow

Sharjah court dismisses Abraaj founder bounced cheque case

Dubai's Shuaa Capital joins First Abu Dhabi Bank in reporting Abraaj exposure

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