The last few months have been quite difficult for the Dubai-based Abraaj Group. At the beginning of the year there were reports saying something was amiss at the premier investment firm, which has specialised in private equity investments in the MENSA region. A torrent of revelations followed in February, relating to allegations of poor corporate governance and misuse of clients’ money. The mention of such prestigious clients as the Bill & Melinda Gates Foundation, the World Bank and others sent shock waves through the ranks of local deal makers. This also resulted in the cessation of all private equity deals and fundraising in the region. Financial institutions and experts felt that the issue had the potential to not only damage the region’s reputation, it could bring back concerns about a lack of transparency that had kept investors away in the past. Arif Naqvi, the Pakistani businessman who founded the Abraaj Group and has been its Chief Executive since inception in 2002, stepped down as head of its fund management business and stopped its deployment activities pending a reorganization. Consequently, the group shook up its top ranks, cut jobs and hired outside help to probe the matter and patch up relations with clients. Arif has very strongly denied conducting any offence or indulging in any illegal activity. It should be worth noting that even though rumours and allegations are being circulated against Arif Naqvi and his Group, not a single person has levelled accusations of intentional wrongdoing against him. This alone should speak volumes about the integrity and honesty of the man and people’s perception about him. In 1994, Arif started an investment firm in Dubai called Cupola having a “grand total of $50,000 in savings” plus a Range Rover that he had won in a raffle at a local mall. He also had only a few contacts. By the end of 2000, Cupola owned 35 companies in a variety of sectors. After that, Abraaj was born and the rest is history. Over the course of the last five months or so, Abraaj’s value has been significantly damaged and it business undermined at different points. The way in which these factors (many of which were private) have emerged as a matter of public record has only sped up its loss of value. From this humble beginning, Arif founded Abraaj in Dubai, becoming aleading investor in growth markets spanning the globe. He created a company that could grow quickly, but often overlooked markets whilst delivering compelling returns for investors. Abraaj’s track record is a true testament to his success. Arif combined his talents with the skills of many equally gifted professionals and together they built a global business, deploying with great success private capital in some of the fastest growing regions of the world and in sectors that were transformative for the economy and the middle-class community that powers it – covering various sectors including education, healthcare, financial services and infrastructure. Working day and night they created jobs, built soft and hard infrastructure and expanded life sustaining services to reach a multitude of individuals and families. Abraaj worked alongside NGOs and other organisations, helping them scale their delivery systems and guiding their progress into our markets for maximum impact in the spheres of employment, entrepreneurship, arts and innovation and healthcare Abraaj is not just about financing and private equity investments, there is a very human face to this organisation. Once fully organised, Abraaj began successfully returning capital to investors, simultaneously giving back to the communities that it touched though partnerships and corporate philanthropy. Many Abraaj employees took active part in mentoring entrepreneurs, speaking and giving lectures in classrooms and offices or raising funds for special causes. In collaboration with the Afghan Red Crescent Society, the Abraaj Group Healthcare Fund (AGHF) and CARE Hospitals are providing treatment to Afghan children suffering from Congenital Heart Disease (CHD). Abraaj and CARE are committed to providing state-of-the-art surgical care to 500 children at rates subsidized by 40 percent. Abraaj worked alongside NGOs and other organisations, helping them scale their delivery systems and guiding their progress into our markets for maximum impact in the spheres of employment, entrepreneurship, arts and innovation and healthcare. The lives of hundreds of thousands of less fortunate people have been touched along this journey. This was an element of Abraaj’s culture that Arif says he was most proud of and has never compromised on. Having ulterior motives in besmirching Arif Naqvi’s good reputation and the Abraaj Group, there is an element of professional envy and resentment against an organisation that had a very modest beginning, but grew to manage an almost unheard of $14 billion for 300 limited partners and that too by a Pakistani national. In 2011, Private Equity International which is the only global publication with a primary focus on the relationship between investors and fund managers in private equity, named Arif Naqvi one of the 50 most influential people in the global private equity industry, a singular honour. Despite the tribulations and the malicious rumours being aired, Arif sincerely believes that there is great potential to take this platform forward as the group has at its core a team of experienced leaders and talented employees. Many of them have grown through the ranks over the last sixteen years. Placing immense value to the trust of its partners and in order to protect the rights of all stakeholders the Board of Abraaj Holdings filed an application for provisional liquidation in the Grand Court of the Cayman Islands. By entering into this voluntary process, under the supervision of the Court, Abraaj believes that the rights of everyone can be protected through an orderly restructuring, enabling the maximum value to be realised and the Group’s obligations to be met. While this would never have been an easy decision, it was the right one for the firm’s future. On a positive note, Abraaj has also received strong interest from potential acquirers for the operations of its fund management business, Abraaj Investment Management Limited (AIML). Talks are currently at an advanced stage and there is optimism within the Group that the most effective outcome for the firm will be possible. As someone who is a truly gifted entrepreneur, Arif follows his instincts, which have guided him to place human wellbeing at the core of his business. Making significant returns on his investments also makes imminent business sense. Arif does not know how to give up, it is just not in his psyche nor is turning his back on those who believe in him and have invested in his firm. In fact my Alma Mater’s (Lawrence College Ghoragali) motto “Never Give In” fits Arif Naqvi to the hilt. The writer is a defence and security analyst Published in Daily Times, June 23rd 2018.