Waha Capital is finalising the hiring of a chief investment officer for private investments, and plans to hire more people, including fund managers for the business
Abu Dhabi investment firm Waha Capital PJSC plans to spend as much as $200 million over the next few months, mainly on US equities.
“We can see a good number of opportunities in the US, mainly in listed companies” after coronavirus-related declines, Chief Executive Officer Amr Al Menhali said. Waha Capital has a “good amount of cash,” allowing it to buy without borrowing.
The first transaction could close as early as this or next week, he said, declining to provide further details.
Stocks globally have tumbled this year as the spread of the coronavirus halted business, grounded flights and forced people to stay at home. The S&P 500 has lost about 11% this year.
Waha Capital, which manages about $3.6 billion of assets, in December sold the remainder of a stake in New York-listed AerCap Holdings NV. It used the proceeds of more than 900 million dirhams ($245 million) to repay some debt and plans to invest the rest, Al Menhali said.
The CEO also said: