Wednesday 27, June 2018 by Kudakwashe

Egyptian firms deny ties with Abraaj Group


Abraaj’s crisis started when a group of investors alleged that the group misused their money in a $1 billion healthcare fund


A total of 38 companies listed on the Egyptian Exchange (EGX) have denied any links with embattled Dubai-based Abraaj Group, reported Mubasher.

Rubex Egypt, Delta for Printing and Packaging, ASEC Company for Mining (ASCOM), Emaar Misr, Egyptians for Housing and Development Co, and Wadi Kom Ombo Land Reclamation have denied their connection with the Emirati group, the companies stated in filings to the EGX on Wednesday.

Moreover, Al Ahly for Development & Investment, Genial Tours, Saudi Egyptian Investment & Finance Co, Egypt Kuwait Holding Co (EKH), Al Moasher for Programming and Information Dissemination have denied relations with the group.

The UAE’s public prosecutor office issued warrants related to a cheque for $48 million against Abraaj’s founder Arif Naqvi and one of his partners, according to Mubasher.

Furthermore, Pioneers Holding, Arab for Development and Real Estate Investment, CI Capital, Amer Group, International Company for Medical Industries (ICMI), Mena For Touristic and Real Estate Development, were also among the companies which said they do not have any ties with Abraaj.

The list also included Al Fanar Contracting, Construction, Trade, Import and Export, Trans Oceans Tours, and General Company for Land Reclamation, Development and Reconstruction, Cairo Development and Investment, New Ismailia Urban Development, and Arabia Investments.

Also, Ismailia Misr Poultry, El Arabia for Land Reclamation, Arabian Food Industries Co (Domty), Extracted Oils, Northern Upper Egypt Development and Agricultural Production, Dice Sport and Casual Wear, Porto Group, and Golden Coast El Sokhna for Touristic Investment were also among the list and have nothing to do with the buyout firm. 

El Wadi for Touristic Investment, Heliopolis For Housing & Development, Egyptian Company for International Tourism Projects, Acrow Misr for Scaffolding and Formwork, National Bank of Kuwait – Egypt, Prime Holding also denied their ties with Abraaj, Mubasher reported.


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