Home Business Air Arabia suffers $166m loss

Air Arabia suffers $166m loss

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Air Arabia stated on Thursday that it endured a loss of Dhs609.5m ($166m) in 2018, owing to the impairments related to its exposure to collapsed private equity firm Abraaj.

The carrier had placed a net profit of Dhs630.6m in the same period a year ago.

Air Arabia faced incurred charges of Dhs1.13bn mostly on its general exposure to Abraaj-related investments.

Dubai-based Abraaj was the major takeover fund in the Middle East and North Africa until it collapsed previous year in the result of a row with investors, consisting of the Gates Foundation, over the practice of their money in a $1bn healthcare fund.

Abraaj’s liquidators are in the progression of deciding the worth of the company’s assets to reconcile liabilities, Air Arabia said.

The carrier said last month that it has started legal proceedings against Abraaj founder Arif Naqvi in a court in Sharjah.

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