Dubai
Drake and Scull International (DSI) and Eshraq Properties both confirmed on Thursday they do have any exposure to Abraaj, the private equity group that filed for liquidation two weeks ago.
In a statement on the Abu Dhabi bourse website, Eshraq said it and its subsidiaries “[do] not have any investment in the Abraaj Group, including Abraaj Holdings, Abraaj Investment Management and subsidiaries,” or any of the funds managed by Abraaj.
In a separate statement, DSI said it can confirm it has no exposure to Abraaj.
The disclosures come after the Securities and Commodities Authority (SCA) asked listed companies to declare any exposure they might have to the embattled Abraaj Group. So far, only a few companies have complied, and fund managers are voicing concerns about the lack of transparency as they await clarity from most listed companies.
The most prominent exposure disclosed so far came from Air Arabia, which said it has $336 million in exposure to funds under Abraaj. The carrier said the exposure was through fund portfolios and short-term investments, without providing further details on those investments.
Meanwhile, Dana Gas on Wednesday said it holds $6 million in investments in Abraaj Infrastructure Fund, a fund managed by an affiliate of Abraaj Investment Management.
Union Properties confirmed it has no investments in Abraaj Group or any of its projects or funds.
