NEWS AND INSIGHTS

  • 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.

  • 22 Jun 2016

    Waha Land signs AED 426 million financing deal for development of Stage 2 of its ALMARKAZ Industrial Development

    Abu Dhabi, 22 June 2016 – Waha Land, a wholly owned company of Waha Capital has signed a AED 426 million financing package with Emirates Islamic Bank for further development of its ALMARKAZ light industrial real estate project, following the successful leasing of existing facilities.

    Stage 2 will add an additional 187,000 m2 of premium industrial and logistics facilities and will also include retail and commercial amenities to enhance the business park experience of ALMARKAZ. The new phase will be constructed in 2 packages. Stage 2a consist of 92,500m2 of industrial, logistics facilities as well as retail and commercial amenities. The first buildings of Stage 2a package will be available for occupancy in June 2017. Delivery of the entire 92,500 m2 package along with retail and commercial amenities is expected by the fourth quarter of 2017.

    Ali & Sons Contracting L.L.C, a leading Abu Dhabi construction company, was appointed following a rigorous tender process to deliver the initial 92,500 m2 package.

    The project is located 25km south of the city of Abu Dhabi and benefits from its close proximity to regional transportation networks including the planned Etihad Rail freight network.

    “ALMARKAZ has proven extremely popular because of the quality of the facility, and its excellent location as a hub in transport infrastructure,” said Hazem Saeed Al Nowais, Chief Executive Officer of Waha Land. “This success has enabled the project to achieve attractive financing. Building on the success of Stage 1, we are moving ahead with our planned development, which aims to meet the needs of the Abu Dhabi manufacturing and logistics market in addition to SME’s. The ability to raise financing with the given economic backdrop further underscores the strong value proposition of the Waha Land business model and the strength of the ALMARKAZ Industrial Development.”

    The further development at ALMARKAZ will include flexible industrial building sizes, as well as fitted industrial units, dedicated warehouse and storage facilities, commercial offices and food and beverage outlets to serve the growing working population at ALMARKAZ.

    The project’s initial development of 1.5 km2 has high quality road and utility services infrastructure serving the existing Stage 1 and future stages of the development. Stage 1, comprising of 90,000 m2 of industrial and logistic units, is fully leased.

Share Price

8/30/2016 2:00:00 PM
Last
1.94 AED
Change
 0.00  (0.00%)
High/Low
1.95/1.94
Volume
438,968

VIDEOS

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.”