Waha Capital, the Abu Dhabi-based leasing company, plans further acquisitions in the Middle East and Asia through its Maritime unit, said chief executive officer Salem Rashid Al Noaimi.
“We are looking to deploy some capital over the next couple of years because it’s a growth area for us,” said Al Noaimi in an interview in Abu Dhabi. “This region and the Far East, that’s our market right now.”
Waha Capital reported a 15 percent rise in full year net income to AED249m ($68m) driven by a decision in November to acquire a 20 percent stake in AerCap Holdings, a Dutch plane-leasing company, in a deal valued at $380m.
The company also boosted income from its maritime business by expanding its fleet of support vessels and a 49 percent stake in industrial holding company GMMOS Group.
“2011 is going to be another tough year,” Al Noaimi said. “Hopefully we’ll be able to prove again that our strategy continues to be the right one and get better results.”
The shares rose 2.5 percent to 82 fils at the 2 pm close in Dubai. The stock dropped 13 percent in 2010.
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