Abraaj’s troubles began after allegations of money misuse
Dubai: Emirates NBD has announced its exposure to The Abraaj Group through an AED 78.24 million ($21.3 million) investment in the ailing private equity firm’s asset management business.
The Dubai-listed company also revealed an AED 64.65 million ($17.6 million) exposure in three of Abraaj’s funds, according to a bourse statement.
Abraaj’s troubles began after allegations of money misuse in its $1 billion healthcare fund.
In June, the Dubai-based investment firm filed for bankruptcy. It is reportedly undergoing a mega-restructuring plan.
Since June, hosts of companies, particularly in the UAE, have disclosed their exposure to Abraaj. Such companies included Air Arabia’s AED 1.2 billion exposure, Al Qudra Investments, and Commercial Bank of Dubai (CBD).
Analysts previously told Mubasher that companies’ disclosures of the level of their exposure to Abraaj would boost investor confidence in the markets.
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