UAE firms have up to $1bln exposure to Abraaj Group | ZAWYA MENA Edition

UAE firms have up to $1bln exposure to Abraaj Group | ZAWYA MENA Edition:

UAE businesses and listed companies have an exposure of up to $1 billion to Abraaj Group, which is struggling to regain investor trust in the wake of a criminal case filed against its founder Arif Naqvi in a Sharjah court last month.

Sources said some of the major listed companies have big exposure to the struggling group which allegedly misused investor money in a healthcare fund. The firm has denied the allegations.

According to the sources, Commercial Bank of Dubai, Mashreq Bank, Societe Generale and Commercial Bank International are among secured lenders who have a significant exposure to the embattled group, while Kuwait Pension Funds and Actus Fund figure on the list of unsecured lenders.