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Embattled Dubai Fund Abraaj Will Trim About 15% of Jobs

  • Buyout fund founded by Naqvi employs about 350 people globally
  • Abraaj says personnel changes are part of reorganization
City Skylines, Real Estate And General Economy In U.A.E.
Photographer: Tasneem Alsultan/Bloomberg
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Abraaj Group is cutting about 15 percent 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.