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

UAE investment firm expects mandatory health service to be introduced in northern Emirates
(Photo for illustrative purposes only)
By Daniel Shane
Mon 13 May 2013 10:32 AM

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.”

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