Waha Capital eyes over Dh1bn of acquisitions

Waha Capital, an Abu Dhabi-based investment and leasing company, is planning acquisitions worth more than $300 million (Dh1.1 billion) in the UAE and Gulf region in maritime and logistics sectors, a senior company official said.

Salem Rashid Al Noaimi, Chief Executive Officer of Waha Capital, said the company has few options on the table under consideration but declined to say if any deal could be concluded this year.

“We have firepower of $300 million and looking at a few options; people know that we have funds and means to go for acquisitions much more than this value. We are looking at maritime and logistics sectors to diversify our portfolio,” Al Noaimi said.

The company aims to diversify its portfolio further by foraying into other sector such as real estate, investment, maritime and logistics.

Al Noaimi said mergers and acquisition activities are still taking place in the region but sellers are looking for liquid buyers.

He said the company is talking to banks for further funding but didn’t provide further details on how much it intends to raise.

Waha Capital, which is part of Abu Dhabi's investment arm Mubadala Development Corporation, reported a 90-per cent decline in second-quarter profit as earnings in invested firms slumped.

It reported Q2 profit of Dh5.99 million, down from 54.5 million a year earlier.
Al Noaimi said in May that the government had mandated Waha Capital to raise Dh12 billion for the UAE’s military; more than half of the total was raised last year.

It raised Dh6.7bn ($1.82bn) in December 2009 to finance three Airbus A330-200 multirole and tanker aircraft and six Boeing C-17 Globemaster III planes.

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