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22 companies listed at the Abu Dhabi Securities Exchange (ADX) announced their exposure to Abraaj Capital, which requested its liquidation two weeks ago, while Al Qudra Holding revealed that its exposure was estimated at 61.6 million AED. The Securities and Commodities Authority (SCA) has asked publicly traded companies to disclose their exposure to Abraaj, and has given it a deadline before Abraaj filed for temporary liquidation last month.
The 22 companies being the subject of a separate publication in the Abu Dhabi market reported having no investment
List of Companies
The listed companies are: ADNOC Distribution, Waha Capital, and Al-Waha Capital. Abu Dhabi National Aviation Company, Taqa, Abu Dhabi Islamic Bank, Gulf Investment, Takaful National of Abu Dhabi, White Cement and Building Materials of Ras Al Khaimah, Sharjah Group, Arkan Materials Construction, Methaq Takaful Insurance, Manazel Real Estate, Abu Dhabi Building Materials – Beldco, 19659002, Sudatel, Oman & Emirates Investment Holding, Ras Al Khaimah, AXA Green Crescent Insurance, Insurance, Fujairah National Insurance Company, Al Khazna Insurance Company, National Bank Umm Al Quwain and Aldar Properties. Waha Capital
Waha Capital said it did not invest in the Abraaj Group nor in any of its funds, but said it owned 49% of Aqua Consortium Limited, owner of the Stanford Marine Group, The remaining stake in the group is owned by Abraj.
Al Waha explained that she has no financial exposure to Abraaj by her contribution to the Stanford Marine Group, Al-Qudra Holding
For its part, Al Qudra Holding Company has announced its exit from its stake in the Abraaj Group in 2015 and no longer has any financial losses due to the liquidation of Abraaj. Of the total investment in the group, except two investments in investment funds of an independent management of "Abraaj", with an investment cost of 61.61 million AED, at the end of last year, noting that the required reserves will be calculated on the basis of quarterly audited values. Al Qudra Holding, in a statement to the Abu Dhabi market, added that the portfolio management was separate from the management of Abraaj for several months, indicating that the management structure of the parent company does not exist. and will not affect the management and values of the portfolio as it is linked to market movements and is subject to independent, independent legal entities.
The total amount invested in Abraaj Capital and its subsidiaries amounts to 8.437 million AED
Abraaj, the largest direct investment company in the Middle East and North Africa region , filed a request for temporary liquidation in the Cayman Islands, When a group of investors, including the Bill and Melinda Gates Foundation, Moyal International, that the company misused their money in a health care fund.
Arif Naqvi is the founder of Abraaj Capital, the largest single shareholder of the company, which has an investment management business, some of which is sold to the American colony company Colony Capital.
Financial experts and analysts confirmed in the Economic Statement that the announcement made by the company on the local financial markets of its exposure to a group is positive and mitigates any potential negative effects.
The extent to which companies adhere to the standards of governance and clarity of dealing with shareholders, and demanded the rest of the companies The need to disclose the size of their exposure to "Towers", which contributes to the 39, increased investor confidence with a return to the recovery of the financial markets gradually.
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