Abu Dhabi – Mubasher: Al Buhaira National Insurance Company (ABNIC) on Monday uncovered its investments with The Abraaj Group.
ABNIC said it had AED 8.437 million ($1.95 million) in exposure to Abraaj and its funds, according to filing to the Abu Dhabi Securities Exchange (ADX).
The announcement comes as a response to a circular issued by the UAE’s Securities and Commodities Authority (SCA), which stipulates that all UAE firms, listed on the Abu Dhabi and Dubai markets, must disclose the level of their exposure to The Abraaj Group.
Last month, mega investments firm Abraaj filed for liquidation after money misuse allegations arose in May in its $1 billion healthcare fund. The MENA-focused investment firm is currently undergoing a massive restructuring.
Earlier on Monday, a host of ADX-listed firms, from the banks, energy, real estate, and other sectors uncovered their exposure to Abraaj, most of them indicating no ties or investments with the Dubai-based group.
