LONDON: The Pakistani founder of Abraaj Group, once one of the largest emerging markets private equity investors, has been given more time to raise a £15 million ($19.5 million) bail by a London court, a court official said on Friday.
Arif Naqvi was arrested in Britain last month and has been awaiting possible extradition to the United States where he faces charges of defrauding investors.
Naqvi was remanded in custody after the bail hearing at Westminster Magistrates Court on Friday was adjourned until May 17 because he failed to pay the bail conditions, the official said.
On May 3, Westminster Magistrates Court granted Naqvi bail on condition that he pay £15 million and an additional surety of £650,000, as well as surrendering his Pakistani passport, remaining under 24-hour curfew at an address given to the court and wearing an electronic tag, a prosecution spokesman said at the time.
Dubai-based Abraaj had been the largest buyout fund in the Middle East and North Africa until it fell apart last year after a dispute with investors.
Naqvi has previously maintained his innocence. Under the U.S. charges, Naqvi is accused of inflating positions held by Abraaj in order to attract greater funds from them, causing them financial loss.
Abraaj founder given more time to raise £15m pound bail
Abraaj founder given more time to raise £15m pound bail
- Arif Naqvi was arrested in Britain last month and has been awaiting possible extradition to the United States where he faces charges of defrauding investors
- Dubai-based Abraaj had been the largest buyout fund in the Middle East and North Africa until it fell apart last year after a dispute with investors
Closing Bell: Saudi main index closes in red at 11,183
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Monday, losing 44.79 points, or 0.4 percent, to close at 11,183.85.
The total trading turnover of the benchmark index was SR4.05 billion ($1.08 billion), as 69 of the listed stocks advanced, while 191 retreated.
The MSCI Tadawul Index decreased, down 6.63 points or 0.44 percent, to close at 1,504.73.
The Kingdom’s parallel market Nomu lost 328.20 points, or 1.36 percent, to close at 23,764.92. This comes as 22 of the listed stocks advanced, while 49 retreated.
The best-performing stock was Maharah Human Resources Co., with its share price surging by 7.26 percent to SR6.50.
Other top performers included Arabian Cement Co., which saw its share price rise by 6.27 percent to SR22.71, and Saudi Research and Media Group, which saw a 4.3 percent increase to SR104.30.
On the downside, the worst performer of the day was Arabian Internet and Communications Services Co., whose share price fell by 8.01 percent to SR207.80.
Jahez International Co. for Information System Technology and Al-Rajhi Co. for Cooperative Insurance also saw declines, with their shares dropping by 5.61 percent and 4.46 percent to SR12.79 and SR75, respectively.
On the announcement front, Etihad Etisalat Co. announced its financial results for 2025 with a 7.9 percent year-on-year growth in its revenues, to reach SR19.6 billion.
In a Tadawul statement, Mobily said that this growth is attributed to “the expansion of all revenue streams, with a healthy growth in the overall subscriber base.”
Mobily delivered an 11.6 percent increase in net profit, reaching SR3.4 billion in 2025 compared to SR3.1 billion in 2024.
The company’s share price reached SR67.85, marking a 0.37 percent increase on the main market.
