Dubai – Mubasher: Three companies on the Dubai Financial Market (DFM) on Monday stated that they had no investments with the ailing Abraaj Group.
Kuwaiti firms Agility Public Warehousing Company and National International Holding (NIH) said they had no investments in the Abraaj Group nor in any of its projects or funds. Accordingly, they have no exposure to the Dubai-based mega-investment firm.
Similarly, Al Salam Bank Sudan said it was not tied to the Abraaj Group in any way.
The three companies' statements come as a response to a circular issued by the Securities and Commodities Authority (SCA), which stipulates that all companies listed on either of the UAE’s two bourses must disclose their exposure to The Abraaj Group, which file for liquidation in May.
The Middle East's largest investment firm's woes emerged in May after money misuse allegations arose in the company’s $1-billion healthcare fund. The group is set to undergo a court-supervised restructuring.
Analysts previously told Mubasher that companies’ disclosures on the two UAE bourses regarding their exposure to Abraaj would help restore investor confidence in local equity markets.
Several UAE companies have disclosed investments with Abraaj including DFM-listed Air Arabia, Commercial Bank of Dubai (CBD), and Abu Dhabi-listed Dana Gas, whose exposure was later described has having a 'very limited' effect on the group.