My login is a co-administrator of a number of subscriptions.
When in a subscription context in the portal, I am being shown the directory for a different subscription, and more, the directory for the current subscription is not shown.
When I am using subscription A, I get all of A's services and A's directory.
When I am using subscription B, I get all of B's services and A's directory, but not B's directory.
If I log in as the subscription owner for A, I get all of A's services and A's directory.
If I log in as the subscription owner of B, I get all of B's services and B's directory.