Cairo – Mubasher: Obour Land for Food Industries (OLFI) has denied any relations with the UAE embattled company, Abraaj Capital, according to a company statement released on Wednesday. 

Abraaj Group is now under a court-supervised liquidation after facing a backlash of money misusage allegations. 

Several companies in the region, particularly those listed in the UAE, have disclosed their exposure to Abraaj as per a circular issued by the Securities and Commodities Authority (SCA). Such companies included Air Arabia’s AED 1.2 billion exposure, Al Qudra Investments, and the Commercial Bank of Dubai (CBD).

Obour Land has posted a 12.1% year-on-year increase in net profit during the three-month period ended 31 March, recording EGP 50.1 million.