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How the Middle East's Top Investment Firm Unraveled: A Timeline

Arif Naqvi.

Arif Naqvi.

Photographer: Luke MacGregor/Bloomberg

Updated on

It took Pakistani financier Arif Naqvi about 15 years to build Abraaj into one of the developing world’s most influential investors. It’s taken less than five months for the Dubai-based buyout firm to reach the brink of collapse.

Abraaj Holdings, which once managed almost $14 billion, has filed an application for a court-supervised restructuring in the Cayman Islands, according to a statement on Thursday. The firm said it made the move “so that the rights of all stakeholders can be protected,” while it works with joint provisional liquidators to “promote a consensual restructuring” of the company’s obligations.