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Mon 13 Jun 2011 04:47 PM

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Abu Dhabi’s Waha Capital signs $505m credit facility

Firm is ‘actively looking’ to deploy the capital in new investments, says CEO

Abu Dhabi’s Waha Capital signs $505m credit facility
Salem Rashid Al Noaimi, CEO of Waha Capital, said the firm is eyeing new deals

Waha Capital, the Abu Dhabi investment firm, said Monday it had inked a deal for a $505m credit facility and is “actively looking” to deploy the capital in new investments.

The three-year revolving facility was signed with eleven local and international banks, the company said in a statement.

“We are currently looking to deploy this capital in existing and new investments,” said Salem Rashid Al Noaimi, CEO of Waha Capital.

Waha, which is involved in real estate and leasing for the oil and aviation sectors including deals for military planes for the UAE Armed Forces, said in March it was eyeing investments in the Gulf’s maritime sector in 2011

The company, which is 15 percent owned by Abu Dhabi government, posted a 10.9 percent drop in first-quarter profit to AED29.77m in April, following a restructuring of its aviation business.

The credit facility involved local banks including First Gulf Bank, Emirates NBD Bank and Union National Bank Abu Dhabi Commercial Bank and global lenders HSBC Middle East, J.P. Morgan and Deutsche Bank.

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