Abu Dhabi's Waha to invest $55m on health assets

  • Share via facebook
  • Tweet this
  • Bookmark and Share
(Photo for illustrative purposes only)

(Photo for illustrative purposes only)

Abu Dhabi investment firm Waha Capital could invest up to AED200m ($54.5m) in healthcare assets in the UAE, it has been reported.

The company, which owns a stake in plane leasing firm Aercap Holdings, had about AED4.4bn in assets as of March 31. Its first quarter net income was AED85.3m, a increase of five-fold based on higher revenues from Aercap.

“Mandatory health insurance, which has already kicked in in Abu Dhabi, we think will kick in in the northern emirates sometime over the next 24 months,” Michael Raynes, Waha’s chief operating officer, told Bloomberg.

“In Abu Dhabi, more people went to clinics because they were insured and clinics charged more for their services because insurance companies were effectively paying the bill.”

Raynes added that the company would spend another several hundred million dirhams on developing any healthcare assets it purchases this year. Waha currently has more than AED100m in cash, as well as a few hundred million more in unused credit facilities, as well shareholder approval to issue an AED1bn mandatory convertible note, Raynes said.

“We’re very much focusing on making new investments,” Raynes added. “We see a huge uptick in the UAE over the next five to seven years. Health care is definitely one of the sectors and we also like education.”

Related:
Companies
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Capital plans: how Qatar's banks are shaping up

Capital plans: how Qatar's banks are shaping up

Ahli Bank chief executive Salah Murad says that despite competition...

The spectacular rise and fall of Arabtec

The spectacular rise and fall of Arabtec

The ups and downs of Dubai most heavily traded stock teaches...

1
MidEast investors eye $180bn overseas spending

MidEast investors eye $180bn overseas spending

Arab institutional investors have been buying up swathes of ...

Most Discussed