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Month: August 2018

Bye bye Abu Dhabi

Bye bye Abu Dhabi

After two years it’s time to say goodbye to Abu Dhabi and take on a new adventure. I’m grateful for an experience that allowed me to meet and interview oil ministers, billionaires, and politicians. I got to break news on the downfall of Abraaj — once the Middle East’s biggest private equity firm — and cover the transformation of Adnoc — the U.A.E.’s giant national energy company — under CEO Sultan Al Jabar. I analyzed OPEC’s production cut agreement, dug into the actual nuts and bolts of the oil market, and watched decades-old trading routes be redrawn in an era of lower energy prices. I met sheikhs and royals (book-endeding a busy conference season by shaking hands with Saudi Crown Price Mohamed bin Salman and then former U.S. President George W. Bush). I learned how best to serve kibbeh nayyeh and can tell you where to find the best cardamom-flavoured tea. I made memories, friends and an extremely unsuccessful attempt at learning Arabic (don’t miss my one and only Arabic joke). I was asked multiple times if my name was Al-Ouwei. In short, I learned and did a whole lot.

Yalla, bye.

About Abraaj…

About Abraaj…

Here in the U.A.E. the big news has been the swift and sudden collapse of Abraaj, once the Middle East’s biggest private equity firm and an erstwhile ‘success story’ of Dubai’s financial centre. Headed by the charismatic Arif Naqvi, the firm had $14 billion of assets as recently as a year ago. Now it’s in liquidation following accusations from international investors including the Bill & Melinda Gates Foundation that it mishandled money in a $1 billion healthcare fund. Early reports from the liquidators describe even more questionable behaviour.

If you want to know more about what’s shaping up to be the biggest PE collapse in history — then try the following links to a couple Bloomberg long-reads from myself and a couple of awesome Bloomberg colleagues: Dinesh Nair and Matthew Martin.

The Downfall of Dubai’s Star Investor — June 14, 2018

Behind the Spectacular Collapse of a Private Equity Titan — July 30, 2018

You can also check out the below clip (about 38 minutes in), from Bloomberg TV’s What’d You Miss?, where I put the whole Dubai-based drama into an international context: