Abu Dhabi – Mubasher: Abu Dhabi Islamic Bank (ADIB) and Waha Capital were among a host of companies that disclosed no ties to The Abraaj Group, its funds or its subsidiaries, on Monday.
Other companies listed on the Abu Dhabi Securities Exchange (ADX) which made similar disclosures include: ADNOC Distribution, RAK Ceramics and its subsidiaries, RAK White Cement, Insurance House, AXA Green Crescent Insurance Company, Abu Dhabi National Energy Co. (TAQA), Arkan Building Materials Co., and Sudatel Telecommunications Group.
Moreover, Oman & Emirates Investment Holding Co., and Al Khaleej Investment, Abu Dhabi Aviation announced no ties to Abraaj or any of its subsidiaries or funds.
These company announcements come in response to a circular issued by the UAE’s Securities and Commodities Authority (SCA), which requires all UAE firms, listed on the Abu Dhabi and Dubai markets, to disclose the level of their exposure to The Abraaj Group.
Since June, The Abraaj Group, which filed for liquidation, has been suffering a downtrend since money misuse allegations arose in May in its $1 billion healthcare fund. The mega-investment firm is currently undergoing a massive court-supervised restructuring scheme.
Earlier on Monday, three-ADX listed firms, namely: Abu Dhabi National Company for Building Materials (BILDCO), Aldar Properties, and Manazel Real Estate made similar announcements regarding the exposure to Abraaj.
In June, Dubai-listed Air Arabia unveiled AED 1.2 billion in exposure to Abraaj.
