28/06/2018 07:17 AST

Dana Gas said on Wednesday that it holds $6 million (Dh22 million) in investments in Abraaj Infrastructure Fund, a fund managed by an affiliate of Abraaj Investment Management.

The company said the investment is already part of its balance sheet and has been disclosed in its financial statement for the first quarter. It confirmed that it “does not have any equity or credit exposure to Abraaj Holding or Abraaj Investment Management.”

“Dana Gas hereby clarifies that, other than the $6 million exposure in the Abraaj fund, it has no other exposure to Abraaj Group,” the company said in a statement to the Abu Dhabi bourse where it is listed.

Abraaj earlier this month filed for provisional liquidation in the Cayman Islands, a move that raised concerns among investors about other companies that may have exposure to the embattled group.

Exposure to the group (via loans, for example) is different from having investments in its funds, as the performance of these funds is only impacted by the asset class in which they invest rather than the liquidity status of the group.

Following the disclosure, Dana Gas’ share prices ended the day per cent 0.95 per cent lower, after falling as much as 5.7 per cent during trade hours. The stock was among the most actively traded on the Abu Dhabi bourse.

The statement from Dana Gas comes after the Securities and Commodities Authority (SCA) asked listed companies to declare any exposure they might have to the embattled Abraaj Group.


On Wednesday, developer Union Properties confirmed that it does not have “any investments in The Abraaj Group or any of its projects or funds, and there is no relationship between the company and The Abraaj Group in this regard.”

Besides Dana Gas and Union Properties, the only other listed company that has disclosed any ties to Abraaj is Air Arabia, which said it has $336 million in exposure to funds under Abraaj.

Last week, the Sharjah-based carrier said this exposure was through fund portfolios and short-term investments, without providing further details on those investments. Air Arabia stressed that the exposure will not have a significant impact on its daily or future business or on its liquidity status.

Dubai-listed Mashreq is one of a group of lenders that have reportedly provided money to Abraaj on a bilateral basis under secured loans, but it has not disclosed any details on that loan. Other lenders include Dubai-listed Commercial Bank of Dubai, UAE-based Noor Bank, and French bank Societe Generale.

Other listed companies are yet to disclose whether they have any exposure to Abraaj.

Gulf News

Dana Gas receives $44m from Kurdistan ops


Dana Gas, a leading natural gas company, has received $43.75 million in the first half of 2018 as dividends from Pearl Petroleum Company for condensate and LPG sales in the Kurdistan Region of Iraq (

Trade Arabia

Dana Gas gets $40m payment from Egypt


Dana Gas, a leading regional natural gas company in the Middle East, has received $40 million from the Egyptian government towards paying down its receivables.

With this payment, the Emira

Trade Arabia

Dana Gas gets dividend of $22.75m from Pearl Petroleum


Dana Gas said on Wednesday it has received a dividend payment of $22.75 million from Pearl Petroleum in proportion of the company’s shareholding.

“This brings the total dividend payments r

Gulf News

Ticker Price Volume
RIBL 16.64 833,203
DANA Sector Market
Dividend Yield (%)
Relative Strength
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Price Vs…
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg
Ticker Price Change
PETRORABIGH 24.74 0.26 (1.06%)
BAHRI 30.45 -0.20 (-0.66%)
TAQA 1.18 0.00 (0.00%)
ADNOCDIST 2.36 0.00 (0.00%)
ALDREES 25.70 -0.05 (-0.20%)
Bahrain's Investcorp records $165m loss for 2019-20 financial year


Bahrain’s Investcorp slipped into a $165 million loss for the 12 months ended June 30, against profits of $131 million a year ago.

The COVID-19 played its part in the loss, as fee income c

Gulf News

Aramex's revenue surges 4pc to $359m in Q2


Aramex, a leading provider of logistics and transportation solutions, has registered a 4 per cent growth in its revenues for the second quarter which surged to hit AED1.32 billion ($359 million), com

Trade Arabia

Abu Dhabi's Waha Capital trims first-half 2020 attributable losses to Dh27.2m


Abu Dhabi based investment company Waha Capital recorded a net loss of Dh27.2 million - attributable to shareholders - for the first six months of 2020, an improvement on the Dh124.38 million it rec

Gulf News

FAB issues Formosa bond globally


First Abu Dhabi Bank (FAB), recently announced the issuance of the largest-ever Chinese Yuan (CNH) denominated dual-listed Formosa bond globally, with a CNH 3.25 billion five-year issuance.

The Gulf Today

Etisalat to pay out Q2 interim dividends from August 11


UAE's leading telecom services operator Etisalat Group has announced that the interim dividend of 15 fils per share for the second quarter will be paid out starting from August 11 through the First A

Trade Arabia