00:00The founder of the now bankrupt Abraj Group, Arif Nagvi, has just been released from custody
00:07after paying $19 million in bail.
00:09Nagvi was being held in a prison facility in London after he was arrested in April on
00:13charges relating to fraud.
00:15A statement on behalf of the Pakistani businessman said that he, quote, maintains his innocence
00:19and expects to be cleared of all charges.
00:21On top of the $19 million bail money, Nagvi has been forced to surrender his passport,
00:26wear an electronic tag, and remain under 24-hour curfew at a certain address provided
00:30to the court.
00:32This all comes after Abraj in mid-2018 filed for liquidation in the Cayman Islands after
00:36once being with the Middle East's largest equity fund.
00:40In other news, the UAE cabinet late on Tuesday approved the decision to abolish the fees
00:44of 1,500 government services relating to the Ministries of Interior, the Ministry of Economy,
00:50and the Ministry of Human Resources.
00:52Analysts said the move is expected to have a positive impact on the economy, especially
00:56amid challenges faced by private businesses in the country.
00:59And finally, the UAE has been ranked as one of the top five most competitive economies
01:03in the world, making it also the most competitive economy in the Arab world.
01:07According to the IMD World Ranking Report, Singapore came in the top spot as the most
01:11competitive economy, followed by Hong Kong, the US, Switzerland, and the UAE.
01:16IMD officials said the jump in the UAE's ranking is mainly due to an improvement in government
01:20efficiency, especially relating to business legislation.
01:24For more details on these stories and more, please do check us out at gulfnews.com forward
01:28slash business.
01:29This has been the Daily Business Wrap.
01:30Thank you so much for watching.
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