8.29 AM Saturday, 20 July 2024
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 04:13 05:37 12:28 15:51 19:13 20:37
20 July 2024

Al Waha to invest $20bn in diversification plans


By Abdel Hai Mohamad

Abu Dhabi-based Al Waha Capital aims to invest more than $20 billion (Dh73.4bn) over the next three years in diversification and growth but has no plans to alter foreigners' share in the company.
Hussein Al Nowais, Al Waha Capital's Chairman, told Emirates Business that last year the company adopted a new strategy for diversification through establishing new ventures, entering new sectors and acquisitions, in accordance with Abu Dhabi's Vision 2030.

Salem Al Noaimi, CEO of Al Waha Leasing, said the company is not contemplating any reduction or increase in foreigners' share of Al Waha Capital.

"The current equity spread [with foreign investors] is very appropriate and there is no plan to alter it because of the global financial crisis," Al Noaimi said.

Al Waha Capital has grown to become a leading aircraft finance and leasing company in the region, with 47 aircraft worth $1.7bn. Earlier, Emirates Business had reported that the UAE Armed Forces had asked the company to arrange and manage a programme to finance the purchase of military aircraft with a value of up to $11bn.

Al Nowais said this reflected the general confidence in the performance and capabilities of Al Waha Capital.

"The decision reflects positively not only on Al Waha Capital or the local economy but also the positive impact on the economic performance of our partners, since this is the first time in the region's history that a holding investment company listed on the Abu Dhabi Exchange has been asked to manage the purchase of military aircraft," Al Nowais said.

He said there has been no negative effect of the global financial crisis on his firm.

"Our financial and investment situation is very strong, and we see such crises as an opportunity to win excellent deals. At the moment we are waiting for the perfect investment opportunity. The company's financial position is strong and we have big funds available."

Al Nowais said Al Waha Capital is currently one of the prominent national companies specialised in a number of economic sectors, primarily leasing, financial services, risk management, real estate as well as maritime and logistical services.

This is done through a number of companies under its umbrella: Al Waha Leasing, Al Waha Land, Al Waha Maritime and Al Waha Financial Services.

Al Noaimi said Al Waha Capital's success proved the efficacy of the Offset Programme in Abu Dhabi, since the company was established 12 years ago under the programme's umbrella.