Abraaj founder joins Branson’s B Team

Founder and chief executive of emerging markets private equity firm The Abraaj Group Arif Naqvi has joined not for profit organization The B Team.

Naqvi joins the initiative, which was co-founded by Richard Branson and Jochen Zeitz, alongside Oliver Bäte, chief executive of insurance and asset management firm the Allianz Group, and Andrew Liveris, chief executive of The Dow Chemical Company.

All three will join the organization’s Net Zero by 2050 initiative, which seeks to fight climate change by reducing greenhouse gas emissions, and to preserve land and ocean resources by measuring business impacts and dependencies on “natural capital”, according to a statement.

Naqvi and Bäte will work together on the organization’s 100 percent Human at Work initiative, which seeks to inspire a movement of business leaders who will lead their businesses “through the principles of equality, respect, growth, belonging and purpose”.

In addition, Naqvi will partner with other B Team leaders on the Fostering Collaboration and Creating Thriving Communities initiatives, which seek to create dialogue and build open and engaged communities through a multi-stakeholder process.

“Business cannot succeed in societies that fail. Being part of The B Team enables us to amplify our collective efforts in building sustainable businesses and communities that ensure dignity, respect and fair values,” Arif Naqvi said in the statement. “I look forward to collaborating with like-minded leaders at The B Team to demonstrate how long-term business success can be aligned with the interests of the communities and stakeholders we serve.”

Alongside Branson and Zeitz, The B Team is made up of 18 global business leaders who have come together in an effort to redefine the role of business as a force for social, environmental and economic benefit.

Naqvi has over three decades of experience of investing in public and private companies and has led the group’s investment strategy over the last decade, according to the firm’s website. He is also a member of the board of the UN Global Compact, the Interpol Foundation and the Business and Sustainable Development Commission.

Dubai-based Abraaj Group operates in the growth markets of Africa, Asia, Latin America, Middle East and Turkey. Within these markets, the firm invests in corporate buyouts, real estate and infrastructure. At the end of last year the firm raised $500 million for Abraaj Growth Markets Health Fund, which has a target size of $1 billion and is currently investing from fund vehicles in Turkey, Asia and Africa.