Abu Dhabi investment firm appointed Salem Al Noaimi chairman, approved 17.5% dividend
Waha Capital makes new appointments as it eyes Saudi investments
The Abu Dhabi-listed Waha Capital, which counts Mubadala Investment Company as a shareholder, elected a new board and approved a cash dividend of 17.5 fils per share at its annual general meeting.
Shareholders of the investment company named Salem Al Noaimi as chairman and Ahmed Al Dhaheri as vice chairman at the AGM, Waha Capital said on Monday.
Michael Raynes, who held senior positions at Waha for more than a decade, was appointed chief executive of the company. Mr Al Noaimi, who has served as chief executive since 2009, succeeds Hussain Al Nowais as chairman.
Waha, whose net profit attributable to shareholders rose 4.6 per cent to Dh425.9 million in 2017, expects further growth this year and will pursue investment opportunities, the company said.
The company, which has a stake in aircraft lessor AerCap Holdings, will focus on investments in Saudi Arabia and the UAE, said Mr Al Nowais, according to a Bloomberg report. It will look into opportunities in health care, financial services and technology.
Waha, which has an asset size of Dh11.4 billion, has invested in the UAE’s financial and oil and gas services sectors. Last year, Waha diversified its principal investments portfolio by acquiring a significant minority stake for $55m in Channel VAS, a fintech company with an addressable base of over 500 million mobile subscribers.
The company said it has a strong balance sheet which enables it to move ahead with the next phase of expansion.