full report

Strength in

At a Glance

Our Investments

Waha Capital’s investment portfolio has been built over the last two decades through a strategy of geographic and sectorial diversification. Major assets include the world’s largest aircraft leasing firm, high-potential energy and healthcare firms in the Middle East, and actively managed funds that invest in emerging market credit and equities.

  • Principal

    The Principal Investments division invests proprietary capital directly in diverse assets.

  • Asset

    This division manages capital markets and private equity funds, as well as private debt platform, which contain significant seed capital deployed by Waha Capital.

  • 44

    Principal Investments: 44 percent of total income

  • 30

    Asset Management – Capital markets: 30 percent of total income

  • 26

    Asset Management – Private equity: 26 percent of total income

Financial Highlights

  • 10.01

    Total assets (AED)

  • 407

    Net Profit attributable to owners (AED)

  • 1.16

    Total income (AED)

  • 10.5

    Return on average equity

  • 345.8

    Capital Markets total
    income (AED)

  • 514.4

    Principal Investments
    total income

Waha Capital

Waha Capital is an Abu Dhabi-listed investment company that offers shareholders and third-party investors exposure to high-potential opportunities in diversified asset classes.

The company manages assets across several sectors, including aircraft leasing, healthcare, financial services, oil & gas services, infrastructure, industrial real estate and capital markets.

Through its Principal Investments unit, Waha Capital has established a strong investment track-record, deploying capital in sectors that display robust demand fundamentals and that have been prioritised by governments in the Middle East and North Africa region.

The company has also built a strong capability in managing global and regional credit and equity portfolios, which have enhanced the diversification and liquidity of Waha Capital’s balance sheet.

The excellent performance of the company’s principal investments and capital markets portfolios has laid the foundations for the launch of an asset management business aimed at third-party investors.

how we create value

Our Milestones

Principal Investments

The Principal Investments business holds Waha Capital’s proprietary investments across diversified industries, including aviation, oil and gas services, financial services, real estate and infrastructure.

  • 514.4

    Total income (AED)

  • 44

    44 percent contribution to Waha Capital’s total income

  • 491

    Net profit (AED)

  • 64

    Total assets

Principal Investments AerCap Holdings NV

AerCap, a NYSE-listed company, is the world’s leading aircraft leasing company.

It acquires aircraft from manufacturers, airline operators, other aircraft-leasing companies and financial investors to lease to commercial airlines and cargo operators.

Waha Capital originally acquired a stake in the company in 2010 and has benefited from significant creation of shareholder value in recent years, notably through AerCap’s acquisition of International Lease Finance Corp from American International Group Inc to create the world’s largest aircraft leasing firm. Waha Capital’s currently holds a 15.23 percent stake in the company.

  • 458

    458 aircraft transactions executed, as follows:

    • Signed lease agreements for 279 aircraft

    • Purchased 38 aircraft

    • Executed sale transactions for 141 aircraft

  • 1,566

    As of 31 December 2016, AerCap’s portfolio consisted of 1,566 aircraft that were either owned, managed, or under contract to purchase.

Principal Investments Waha Land – ALMARKAZ

Waha Land, a wholly owned subsidiary of Waha Capital, is currently engaged in developing ALMARKAZ, an integrated mixed-use industrial development with Grade “A” light industrial and logistics facilities and first-class infrastructure.

The project is located in Al Dhafra, approximately 35 km from central Abu Dhabi, and is well located to access the multi-modal industrial and logistics infrastructure of the U.A.E. The ALMARKAZ development is on a 6 km2 area of land, which was granted by the Government of Abu Dhabi.

Waha Land has constructed roads and services infrastructure on 1.5 km2 of land and developed 90,000 m2 of small industrial units (SIUs). The SIUs are fully leased out with a range of tenants from diverse industry segments in the SME space such as plastic and paper manufacturing, food preparation, oil & gas, defence and logistics.

  • 39.2

    Total Revenue (AED)

  • 26.5

    Net profit before fair value adjustment (AED)

Principal Investments 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 1.1 billion (USD 300 million) from its Limited Partners (LP). Waha Capital owns a stake in the general partnership, and is also an investor in the fund through a limited partnership interest. The Fund has invested USD 223.6 million over seven years in four projects:

• Alexandria International Container Terminals: Holds concession to operate and maintain two container terminals in Egypt.

• 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.

• United Power Company: Owns and operates a 270MW single-cycle gas-fired Manah IPP in Oman.

• Sohar Power Company: Owns and operates a 585MW of combined-cycle gas-fired power generation and 150,000m3 of water desalination capacity in Oman.

  • 7.4

    Dividend yield

  • 81.8

    Gross distribution to Waha Capital in 2016 (AED)

  • 157

    Distribution to Waha Capital since inception (AED)

Principal Investments Dunia Group

Waha Capital owns a 25 percent stake in Dunia Finance and a 25 percent stake in Dunia Services, which together comprise Dunia Group.

Dunia Finance is a finance company regulated by the Central Bank of the U.A.E. and offers a range of financial solutions including personal loans, auto loans, credit cards, guarantees and deposits to its customers in the U.A.E.

Dunia Finance has recorded impressive growth, stable net interest margins and healthy profits over the last few years. Serving the salaried and mass affluent market, Dunia has grown its loan book at a rate of 41.5 percent CAGR since 2009.

Dunia Services FZ LLC offers a range of services including strategy and management consulting and knowledge and business process outsourcing to a range of customers including commercial banks, finance companies and insurance companies.

  • 562.7

    Net interest income (AED)

  • 71.3

    Net profit (AED)

  • 20.9

    Customer numbers up 20.9 percent

Principal Investments NPS Holdings Limited

Waha Capital acquired a 20.2 percent stake in NPS Holdings Limited in June 2014, as part of a consortium, including Fajr Capital, APICORP and Al Nowais Investments.

NPS Holdings Limited owns a controlling stake in NPS Bahrain, which was formed in 2007 through the merger of Qatari and Saudi oil field service providers. Through its various subsidiaries and joint ventures, the company has presence in Saudi Arabia, Qatar, United Arab Emirates, Brunei, India, Libya, Bahrain, Iraq, Algeria and Malaysia.

The company’s principal activities include well services (such as cementing, coiled tubing, stimulation and other), drilling and workover, well testing and wireline services. 

  • 1.9

    Secured contract in 2016 (AED)

  • 822.4

    Revenue (AED)

Asset Management

In order to accelerate revenue diversification and earnings growth, Waha Capital launched an Asset Management business in 2015, which builds on the strong foundations of the company’s capital markets and principal investments, offering third-party investors access to listed credit and equity markets and private equity opportunities. 

Capital Markets in 2016

  • 345.8

    Total income (AED)

  • 270.9

    Net profit (AED)

  • 1.5

    Total assets managed (AED)

  • 30

    30 percent contribution to Waha Capital’s total income

Asset Management Capital Markets

2016 was the strongest year to date for the Capital Markets division. The capital markets division continues to be the fastest-growing contributor to Waha Capital’s top and bottom line.

The team displayed exemplary performance in 2016 to build on its already impressive track-record of outperformance. Total income generated by the Capital Markets division increased 76 percent to AED 345.8 million in 2016.

The Waha CEEMEA Fixed Income Fund returned a gross 20.4 percent in 2016 versus the JPM CEEMA CEMBI benchmark of 11.2 percent.

The Waha MENA Equity fund delivered a strong performance of a gross 18.1 percent during 2016, versus the S&P GCC Index of 4.2 percent.

The newly established Waha MENA Value fund returned a gross 16.4 percent in its inaugural year, versus the S&P GCC Index of 4.2 percent.

Going forward, the Capital Markets division looks to continue growing the platform and increase AUMs by raising third-party funds from regional and international investors.

  • 20.4

    Waha CEEMEA Fixed Income Fund total return 20.4 percent

  • 18.1

    Waha MENA Equity Fund total return 18.1 percent

  • 16.4

    Waha MENA Value Fund total return 16.4 percent

Asset Management Private Equity

Waha Capital’s Private Equity division is mandated to deploy capital into high-return investment opportunities across the Middle East and North Africa.

The business division is being seeded by the transfer of direct stakes in some of Waha Capital’s existing portfolio investment – Anglo Arabian Healthcare – as well as proprietary and third-party capital for new investments. The private equity platform provides investors with access to fast-growing companies in the MENA region and the opportunity to achieve significant returns over a medium-term investment horizon.

This is achieved by identifying attractive acquisition targets across several sectors in the MENA region to deliver superior cash-on-cash returns.

Anglo Arabian Healthcare
In 2013, the Group made its first investment in the healthcare sector by acquiring Anglo Arabian Healthcare (AAH), a group established to deliver healthcare services throughout the United Arab Emirates.

  • 295.1

    Consolidated revenue (AED)

  • 18

    Revenue up 18 percent in 2016

Asset Management Waha Private Debt

Waha Capital’s new Private Debt business will provide bespoke financing and direct lending solutions to mid-market companies in the Middle East, North Africa and Turkey region.

The Private Debt business employs a cash flow-based approach to lending, providing financing and lending solutions tailored to the specific needs and requirements of borrowers and their respective business plans.

These funding requirements include growth and expansion capital, funds for share buybacks and special dividends, pre-IPO growth and acquisition financing, acquisition financing for management and leveraged buyouts, balance sheet recapitalisations and debt refinancing.

The business has the ability to structure its financing into a broad spectrum of instruments.

These include secured loans, uni-tranche and multiple tranche loans, mezzanine debt, bonds, preferred shares, convertible loans and bonds, convertible preferred shares, warrants and profit participations. Our typical transaction will comprise some mix of the above-mentioned instruments.