Tuesday 10 July 2018

String of UAE firms disclose exposure to Abraaj Group - The National

String of UAE firms disclose exposure to Abraaj Group - The National:

First Abu Dhabi Bank, the UAE's largest lender, Al Qudra Holding and Waha Capital, among other entities, disclosed limited direct or indirect exposure to Abraaj Group, the private equity company undergoing a court-supervised restructuring amid allegations of mismanagement of investors’ funds, according to regulatory filings on Tuesday.

FAB, the bank formed with the merger of First Gulf Bank and National Bank of Abu Dhabi, said it has direct exposure to Abraaj through a fully secured three-year $21.4 million (Dh78.6m) loan, due to mature in April 2019. The loan is “collateralised with Abraaj Holding stakes in its funds which invested in various companies globally”, FAB said in a statement to the Abu Dhabi Securities Exchange.

United Arab Bank has indirect exposure “through customers represented with two entities [funds] that are partially (and indirectly) owned by Abraaj”, the bank said in a filing to ADX.

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