Waha Capital Annual Report 2015

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MENA Infrastructure Fund

MENA Infrastructure Fund (the “Fund”) was launched in 2007 as a private equity fund that invests in infrastructure development projects across MENA with a total capital commitment of AED 1,103.4 million (USD 300 million) from its Limited Partners (LP). Waha Capital owns a stake in the general partner, and is also an investor in the fund through a limited partnership interest.

The Fund has invested USD 222 million over seven years in four projects:

  • Alexandria International Container Terminals
    Holds concession to operate and maintain two container terminals in Egypt. The Fund’s ownership in the project is 30.3%.
  • Qurayyah Independent Power Project (IPP)
    Owns and operates a 3.9GW gas-fired IPP in KSA in partnership with ACWA Power and Samsung C&T. The Fund’s ownership in the project is 15%.
  • United Power Company
    Owns and operates a 270MW single-cycle gas-fired Manah IPP in Oman. The Fund’s ownership in the project was sold in January 2016.
  • Sohar Power Company
    Owns and operates a 585MW of combined-cycle gas-fired power generation and 150,000 m3 of water desalination capacity in Oman. The Fund’s ownership in the project is 20%.

The Fund’s dividend yield is circa 7.4%. Waha Capital originally committed to fund AED 197.7 million (17.9% of total commitments); and invested a total of AED 167 million (USD 45.5 million) for its limited partner (17.9%) and general partner (33.3%) stakes. The Group has received circa AED 75 million in distributions.

As at 31 December 2015, the Group carried its limited partner stake in the fund at AED 142.2 million.