Abu Dhabi – Mubasher: Three companies listed on the Abu Dhabi Securities Exchange (ADX) on Monday said that they had no ties or investments with ailing Abraaj Group or any of its funds.
Abu Dhabi National Company for Building Materials (BILDCO), Aldar Properties, and Manazel Real Estate all issued statements saying that they had no ties whatsoever with The Abraaj Group or Abraaj Capital.
The Abraaj Group, which filed for liquidation last month, and has been on the downtrend since money misuse allegations arose in May in its $1 billion healthcare fund. It is currently undergoing a massive court-supervised restructuring.
The three companies’ announcements come in response to a request made by the UAE’s Securities and Commodities Authority (SCA), which stipulated that all listed UAE firms must disclose the level of their exposure to The Abraaj Group.
In June, Dubai-listed Air Arabia unveiled AED 1.2 billion in exposure to Abraaj.
