Abraaj Group is cutting about 15 per cent of its total workforce, according to people with knowledge of the matter, as the Middle East’s largest buyout fund seeks to trim costs, placate investors and curb the tumult that followed allegations of misused funds.
Positions are being eliminated globally, mostly in back-office operations and among junior employees, with most of the affected staff being notified on Thursday, the people said, declining to be identified as the plans are confidential. No partners will be fired, they said. The company employs about 350 people.
“It is always difficult to separate talented people from the firm,” the Dubai-based buyout firm said in a statement. “The personnel changes we are making as part of this re-organisation will help ensure that Abraaj is better positioned for operational effectiveness and sustainable growth.”
Paring jobs may help alleviate the pressure on the new leaders taking control of the 16-year-old firm’s asset management business from founder Arif Naqvi. Abraaj, which concluded that money in its health fund hadn’t been misused following an internal review, has nevertheless been forced to return capital in a new fund and halt fresh investments while it reorganises its structure and prepares to introduce new internal controls.
Omar Lodhi and Selcuk Yorgancioglu, appointed last month to oversee funds globally for institutional investors, face the challenge of coping with increased scrutiny from regulators and stemming an exodus of top executives. The buyout firm is also considering the sale of a stake in its fund management business, people familiar with the matter said earlier this week.
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Read more:
Abraaj's Naqvi relinquishes control of funds business in major organisational shakeup
Abraaj denies misappropriating healthcare funds
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The firm is in the final stages of separating Abraaj Investment Management from the holding company that Naqvi will run, the people said. The job cuts will save costs and allow the firm to remain profitable, they said. The company said it will disclose the results of its internal strategic review in the coming weeks.
The markets regulator for the Dubai financial Centre where Abraaj is licensed is holding discussions with the firm about some investors’ concern that capital in a health-care fund wasn’t allocated properly, though no formal investigation is underway, people familiar with the matter said earlier this week.
Mustafa Abdel-Wadood, a managing partner and global head of private equity at Abraaj, resigned late last year and his departure was disclosed to staff in a note on Sunday, the people said. He will be a non-executive member of the firm’s investment committees, Abraaj’s spokeswoman had said, noting that the firm has a “deep bench” of leaders. Chief financial officer Ashish Dave and Sev Vettivetpillai, a managing partner and global head of impact investing, are also among those leaving.
Some large global buyout funds are weighing investing in Abraaj, though deliberations are at an early stage and no decisions have been made, the people said. Meanwhile, the firm plans to start making new investments from some of its funds as early as this week, some of the people said.
Company%20Profile
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Temple numbers
Expected completion: 2022
Height: 24 meters
Ground floor banquet hall: 370 square metres to accommodate about 750 people
Ground floor multipurpose hall: 92 square metres for up to 200 people
First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time
First floor terrace areas: 2,30 square metres
Temple will be spread over 6,900 square metres
Structure includes two basements, ground and first floor
Tickets
Tickets start at Dh100 for adults, while children can enter free on the opening day. For more information, visit www.mubadalawtc.com.
Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
COMPANY%20PROFILE
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RACECARD
6pm: Al Maktoum Challenge Round-1 – Group 1 (PA) $50,000 (Dirt) 1,600m
6.35pm: Festival City Stakes – Conditions (TB) $60,000 (D) 1,200m
7.10pm: Dubai Racing Club Classic – Listed (TB) $100,000 (Turf) 2,410m
7.45pm: Jumeirah Classic Trial – Conditions (TB) $150,000 (T) 1,400m
8.20pm: Al Maktoum Challenge Round-1 – Group 2 (TB) $250,000 (D) 1,600m
8.55pm: Cape Verdi – Group 2 (TB) $180,000 (T) 1,600m
9.30pm: Dubai Dash – Listed (TB) $100,000 (T) 1,000m
The%20specs
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The%20Sandman
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COMPANY%20PROFILE
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COMPANY%20PROFILE
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Mohammed bin Zayed Majlis
THE SPECS
BMW X7 xDrive 50i
Engine: 4.4-litre V8
Transmission: Eight-speed Steptronic transmission
Power: 462hp
Torque: 650Nm
Price: Dh600,000
COMPANY%20PROFILE%20
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Mission%3A%20Impossible%20-%20Dead%20Reckoning%20Part%20One
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The line up
Friday: Giggs, Sho Madjozi and Masego
Saturday: Nas, Lion Bbae, Roxanne Shante and DaniLeigh
Sole DXB runs from December 6 to 8 at Dubai Design District. Weekend pass is Dh295 while a one day pass is Dh195. Tickets are available from www.soledxb.com
6 UNDERGROUND
Director: Michael Bay
Stars: Ryan Reynolds, Adria Arjona, Dave Franco
2.5 / 5 stars
Wenger's Arsenal reign in numbers
1,228 - games at the helm, ahead of Sunday's Premier League fixture against West Ham United.
704 - wins to date as Arsenal manager.
3 - Premier League title wins, the last during an unbeaten Invincibles campaign of 2003/04.
1,549 - goals scored in Premier League matches by Wenger's teams.
10 - major trophies won.
473 - Premier League victories.
7 - FA Cup triumphs, with three of those having come the last four seasons.
151 - Premier League losses.
21 - full seasons in charge.
49 - games unbeaten in the Premier League from May 2003 to October 2004.
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
The specs
Engine: 2.0-litre 4-cyl
Power: 153hp at 6,000rpm
Torque: 200Nm at 4,000rpm
Transmission: 6-speed auto
Price: Dh99,000
On sale: now
A list of the animal rescue organisations in the UAE
The five pillars of Islam
UAE currency: the story behind the money in your pockets
SPECS
Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now
MATCH INFO
Uefa Champions League, semi-final result:
Liverpool 4-0 Barcelona
Liverpool win 4-3 on aggregate
Champions Legaue final: June 1, Madrid
UAE currency: the story behind the money in your pockets
On racial profiling at airports
Company%20Profile
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