Abu Dhabi, UAEFriday 13 December 2019

Abu Dhabi's Waha Capital appoints new chief executive

Amr Al Menhali is a senior banker and a member of the UAE Banking Federation board

Abu Dhabi Securities Exchange. Reuters
Abu Dhabi Securities Exchange. Reuters

Waha Capital, which counts Mubadala Investment Company among its shareholders, appointed Amr Al Menhali as chief executive after a management shakeup last month.

Mr Al Menhali, who will join the Abu Dhabi-listed firm in September, has nearly two decades of experience with UAE banks in a variety of senior roles. He sits on boards of several finance companies and is also a board director of the UAE Banking Federation, Waha said in a statement on Monday.

His appointment follows the decision of the board last month to part ways with former chief executive Michael Raynes, who left the investment management company after a little over a year in the top managerial role. Mr Raynes took over as chief executive in March last year, after holding several senior positions at Waha over the past decade.

“I look forward to leading the company on its next phase of growth, which will involve helping to create additional value at its current investments, seeking attractive new opportunities, and building a solid asset management offering for third-party institutional investors,” Mr Al Menhali said.

In June Waha also appointed Mohamed Al Nowais as managing director to help steer the company in the absence of a chief executive, it said at the time.

Mr Al Nowais is a board member of Waha Capital and chairman and managing director of Tama Investment & Development. He previously held roles at Abu Dhabi Investment Authority and JP Morgan in New York.

Waha Capital operates two business divisions: private investments, which invests directly in high-potential companies; and asset management, which invests proprietary and third-party funds in globally-listed equities and credit. The company manages assets across several sectors including aircraft leasing, health care, financial services, energy, infrastructure, industrial real estate and capital markets.

In May, Reuters reported that Waha Capital and another UAE company Gulf Capital held exploratory discussions regarding a merger.

Updated: July 22, 2019 11:51 AM