UAE companies have USD1bn exposure to Abraaj; Mashreq and CBD have combined USD500mn exposure; FAB has a nominal secured exposure, while ADCB and DIB have no exposure
United Arab Emirates businesses and publicly traded companies have an exposure of as much as USD1 billion to Abraaj Group, Dubai-based Khaleej Times reported. Commercial Bank of Dubai, Mashreq Bank have up to USD500 million combined exposure, according to the report. Societe Generale and Commercial Bank International are among other secured lenders who have a significant exposure. Khaleej Times says Commercial Bank of Dubai declined to comment, while a Mashreq spokesperson wasn’t available to comment. Meanwhile UAE companies continue to make disclosure on their exposure to embattled PE firm Abraaj. DIB stated that it did not have any exposure to Abraaj. Meanwhile FAB said that it has a USD21mn fully secured loan exposure to Abraaj (this makes c0.2% of FAB’s loans). Abu Dhabi Commercial Bank, RAK Bank, RAK Properties, RAK Ceramics, Invest Bank and Julphar Gulf are some of the notable names who have no exposure to Abraaj Amlak, a mortgage finance company, said that it has no exposure to the PE firm. Shuaa, the UAE based investment and finance company, stated that it has a 3.6% interest in Abraaj buyout fund.
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