Mubasher: Arab Insurance Group (ARIG) and International Financial Advisors (IFA) on Sunday said they had no ties or exposure to The Abraaj Group or any of its subsidiaries or investment funds.
The companies’ separate statements come in response to a circular issued last month by the UAE’s Securities and Commodities Authority (SCA), which requires all companies listed on the UAE’s two bourses to disclose their exposure to The Abraaj Group.
In May, Dubai-based Abraaj filed for liquidation. It will also undergo a court-supervised restructuring.
Dubai-based Abraaj’s woes emerged in May after money misuse allegations arose in the company’s $1-billion healthcare fund.
Analysts previously told Mubasher that companies’ disclosures on the two UAE bourses regarding their exposure to Abraaj would help restore investor confidence in local equity markets.
Bahrain-based ARIG is listed on the Dubai and Bahrain bourses, while IFA is listed in Kuwait and Dubai.
