• 9 Oct 2016

    Waha Capital appoints Alain Dib as Chief Operating Officer

    Abu Dhabi, 9 October 2016 – Waha Capital PJSC (ADX: WAHA), a leading investment company based in Abu Dhabi, has appointed Alain Dib as Chief Operating Officer, a role that involves leading the company’s investment businesses.

    Mr. Dib joins Waha Capital after a 20-year career at BNP Paribas, where he held senior investment banking positions, including in leveraged finance, acquisition finance, high yield debt and convertible bond origination. His last position was as Head of Equity Capital Markets for Europe, Middle East and Africa at the French bank.

    “Alain has senior international investment banking experience in all the major asset classes, and is therefore a perfect fit for Waha Capital,” said Salem Al Noaimi, Managing Director and Chief Executive Officer of Waha Capital.

    “The company has achieved above-market return on equity in recent years as we have pursued a strategy of diversifying our asset base and income streams. We are confident that Alain will achieve further success leading our talented investment teams.”

    Waha Capital’s investment business is structured into two divisions. Its Principal Investments division invests directly in several companies, including New York-listed AerCap Holdings NV, UAE-based Dunia Group, and National Petroleum Services, while its Asset Management division offers equity and credit funds to third-party investors.

    “I am excited by the opportunity at Waha Capital, because the company has established excellent multi-year track records in both direct investments and in capital markets,” Mr. Dib said. “We are therefore in a very strong position to attract third-party investors, while our strong financial position allows us to deploy further capital in both sides of the business.”

    Previously based in London, Mr. Dib was Managing Director, Head of Equity Capital Markets EMEA, for BNP Paribas and a Member of the Corporate Finance Management UK and CIB Management Committees. He had also headed the bank’s Restructuring and Advisory Group, the Distressed Finance Group, and was joint-head for the European High Yield Group.

    Mr. Dib previously also worked at Deutsche Bank as a Managing Director in its European Leverage Finance Group.

  • 17 Aug 2016

    Waha Capital Secures New US$ 500 million Revolving Credit Facility

    Abu Dhabi, 17 August 2016 – Waha Capital PJSC (ADX: WAHA), a leading investment company based in Abu Dhabi, completed the refinancing of its credit facilities with 12 local, regional and international banks. The new and upsized financing is a 5-year US$ 500 million revolving credit facility. This replaces the previous US$ 375 million revolving credit facility secured in 2014.

    The facility was positively received and achieved a significant oversubscription. It was sole coordinated by First Gulf Bank PJSC, one of the leading banks in the UAE, with First Gulf Bank PJSC and Abu Dhabi Commercial Bank PJSC acting as Book runners and Mandated Lead Arrangers, Commercial Bank of Dubai PSC committing as Lead Arranger, and Emirates NBD Bank PJSC, Union National Bank PJSC, National Bank of Fujairah PJSC, Doha Bank QSC, Nomura International plc, HSBC Bank Middle East Limited, Commercial Bank International PLC, Malayan Banking Berhad (Maybank) and GarantiBank International N.V. committing as Arrangers.

    Salem Rashid Al Noaimi, CEO and Managing Director of Waha Capital, said: “Waha Capital has secured excellent terms for our new long-term credit facility, signaling confidence in the company’s growth strategy among our long-term financial partners. Thanks to our prudent approach to financial management, the company is in a strong position to invest further to diversify our assets and income streams, including through our new asset management business.”

    Waha Capital reported a net profit of AED 305.9 million for the first half of 2016 and delivered a return on average equity of 7.4 percent for the first six months of 2016.

    Steven Perry, Global Head of Debt Markets & Syndications at FGB, said: “This successful transaction is testament to the solid work FGB is doing to meet the financing needs of our customers, by providing world-class services as well as the right knowledge and expertise. Waha Capital has developed strong relationships with its banks over a number of years and we were privileged to have led this financing and secured the oversubscription, helping the company to continue positioning itself well for future growth and progress.”

  • 11 Aug 2016

    Waha Capital reports net profit of AED 305.9 million in H1 2016

    ABU DHABI, 11 August 2016: Waha Capital PJSC, a leading investment company based in Abu Dhabi (ADX: WAHA), has reported a net profit of AED 305.9 million for the first half of 2016. Earnings were driven by solid performance across the business and, in particular, by key investments in Waha Capital’s Principal Investments division and a robust performance from the company’s capital markets portfolio.

    The company’s asset management division experienced a rise in income, as its funds continue to deliver attractive returns, while its principal investment portfolio companies, such as Dunia Group and National Petroleum Services (NPS), also performed well.

    One of Waha Capital’s major investments, AerCap Holdings NV, the world’s largest aircraft leasing company, has delivered strong earnings in the first half of the year. Operating performance remained robust, but the company reported a slight decrease in earnings per share (EPS) from a year earlier, mainly due to lower income from aircraft disposals and maintenance reserve adjustments.

    Waha Capital’s half-year net profit was 12.4 percent lower than in the first half of 2015. The company delivered a return on average equity of 7.4 percent for the first six months of 2016.

    Commenting on the results, His Excellency Hussain Jasim Al Nowais, Chairman of Waha Capital said:

    “Waha Capital is a highly profitable company that is becoming increasingly diversified due to the successful launch of our asset management business. Our principal investments also continue to perform well, even against the backdrop of an uncertain global economic environment. The management team is fully focused on delivering above-market returns on equity, while prudently managing risk. Waha Capital’s strong balance sheet gives us confidence that we can take advantage of attractive investment opportunities that will add to shareholder value in the coming years.”

    Salem Rashid Al Noaimi, CEO and Managing Director of Waha Capital added:

    “Our financial results year to date, particularly from our asset management business, are extremely encouraging for the future growth of Waha Capital. The company is now offering our investment expertise to third-party investors and our funds have continued to outperform their benchmarks, having established an excellent track-record over the last three years. We see this business as central to our future growth strategy. With a strong balance sheet in place, Waha Capital remains well positioned to deliver steady and sustained growth during the years ahead.”

    Net profit from the company’s Capital Markets division increased 4.1 percent year on year to AED 126.8 million in the first half of 2016. The Waha CEMEEA Fixed Income Fund produced a total return of 12.5 percent in the first six months of the year, the Waha MENA Equity Fund gave a total return of 7.7 percent, and the newly established Waha MENA Value Fund produced a total return of 6.4 percent.

    Anglo Arabian Healthcare (AAH), which is held as a seed asset by Waha Capital’s private equity division, recorded consolidated first half revenue of AED 159 million, a 32.5 percent increase from a year earlier.

    AAH plans to expand rapidly over the next few years, both organically and through further strategic acquisitions. The company operates more than 26 business assets, employs more than 900 people and serves over 540,000 registered outpatients.

    Among Waha Capital’s principal investments, Dunia Group – in which Waha Capital owns a 25 percent stake -- reported a net profit of AED 98.4 million in the first half of the year. The company, which has a customer base of 234,000, reported 12.5 percent year-on-year growth in its loan portfolio in the first half, with net interest income rising 14.1 percent from a year earlier.

    National Petroleum Services, an oil field services firm in which Waha Capital owns a 20.7 percent stake, reported a 6.3 percent rise in revenue to AED 379.5 million in the first half of the year. The company secured contracts worth AED 1.2 billion during the period, taking current contracts-in-progress to AED 1.9 billion.

    Waha Land, a wholly owned company of Waha Capital, recorded a 6.5 percent rise in net profit to AED 11.4 million for the first half of 2016. In June, the company announced a AED 426 million financing package and the appointment of Ali & Sons for further development of its ALMARKAZ light industrial real estate project, following the successful leasing of existing facilities.

Share Price

10/20/2016 2:00:00 PM
1.84 AED
 -0.06  (-3.16%)


Waha Capital CEO & MD Salem Al Noaimi Interview with Prospect Group


  • Waha Capital CEO & MD Salem Al Noaimi announces New Healthcare Investment

    “Waha Capital today announced a new investment in the healthcare sector through its acquisition of Anglo Arabian Healthcare (AAH), a healthcare group with investments focused on the Northern Emirates and Abu Dhabi. One of the objectives of this investment is to diversify Waha Capital’s sources of income, in line with our business strategy which we formulated 4-5 years ago. We have thankfully succeeded in implementing this strategy, and this investment complements it.

    Entering the Healthcare sector is very important to Waha Capital as it holds high growth potential and is a government priority for the UAE. We will look to increase our investments within this sector in the next three to five years, and plan to make this sector a greater contributor to Waha Capital’s revenues.”