Behind the Spectacular Collapse of a Private Equity Titan
Arif Naqvi rode Dubai’s rise to build Abraaj Group with an unusual business model. Was it a house of cards?
Illustration: Scott Gelber
Days before rubbing elbows with global business titans in Davos in January, Arif Naqvi set out to charm another circle of friends—Gulf Arab tycoons—in a last-ditch attempt to save his Dubai private equity firm.
But things were already on the cusp of spiraling out of control. Dogged by allegations Abraaj had mismanaged investors’ money, Dubai’s star financier soon couldn’t pay the rent.