Arif Naqvi, chief executive officer of Abraaj Capital Ltd., pauses during a Bloomberg Television interview in London, U.K., on Monday, Jan. 18, 2016. Brent crude fell to a 12-year low in London, briefly dipping below $28 a barrel, after the lifting of international sanctions on Iran paved the way for increased supply amid a global glut. Photographer: Luke MacGregor/Bloomberg *** Local Caption *** Arif Naqvi
Proceedings against Arif Naqvi, founder of Abraaj Group, have been dropped. Bloomberg

Second bounced cheque case against Abraaj founder adjourned



A Sharjah court adjourned a hearing on a second criminal case over a bounced cheque brought against Arif Naqvi, the founder of Dubai-based Abraaj Group.

The value of the bounced cheque is Dh798 million, The National reported last month, and the case on Tuesday was adjourned until August 26 to issue judgment.

Mr Naqvi did not attend Tuesday's hearing, according to lawyers from Tamimi and Co, who represent Hamid Jafar. One of the founding shareholders in Abraaj, Mr Jafar brought the case against Mr Naqvi after a Sharjah court last month dismissed a previous bounced cheque case he had filed against him.

A lawyer for Arif Naqvi was not immediately available to comment.

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The new case adjourned on Tuesday is the latest blow in the six-month saga involving Abraaj, which is accused of mismanaging investors' money in a $1 billion (Dh3.67bn) healthcare fund. Abraaj has denied the allegations.

Once the biggest private equity firm in the Middle East and North Africa region with about $14bn in assets under management, Abraaj is undergoing a court-supervised restructure in the Cayman Islands as it seeks a resolution with creditors.

In June Abraaj agreed to sell a chunk of its businesses including its investment management unit to Colony Capital in the US. Though the sale is yet to complete.

Separately, The National reported on Sunday that Mr Naqvi resigned from the board of Air Arabia.

The low-cost airline, which announced the resignation in a statement to the Dubai Financial Market where its shares are traded, did not say when Mr Naqvi resigned or the reason behind his move. Air Arabia said it will nominate a replacement in the coming weeks.

Abraaj, which has filed for provisional liquidation in the Cayman Islands, owns an undisclosed stake in Air Arabia, according to the private equity company’s website. At the height of the Middle East's aviation boom in 2007 and high oil prices, Abraaj had a 17 per cent stake in Air Arabia.

Turning waste into fuel

Average amount of biofuel produced at DIC factory every month: Approximately 106,000 litres

Amount of biofuel produced from 1 litre of used cooking oil: 920ml (92%)

Time required for one full cycle of production from used cooking oil to biofuel: One day

Energy requirements for one cycle of production from 1,000 litres of used cooking oil:
▪ Electricity - 1.1904 units
▪ Water- 31 litres
▪ Diesel – 26.275 litres

Some of Darwish's last words

"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008

His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.

Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal

Rating: 2/5

COMPANY PROFILE

Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)

Indika

Developer: 11 Bit Studios
Publisher: Odd Meter
Console: PlayStation 5, PC and Xbox series X/S
Rating: 4/5

MEDIEVIL (1998)

Developer: SCE Studio Cambridge
Publisher: Sony Computer Entertainment
Console: PlayStation, PlayStation 4 and 5
Rating: 3.5/5

French Touch

Carla Bruni

(Verve)


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