Abu Dhabi investment management company Waha Capital has secured a new $500 million credit facility.
According to a report on state-run news agency WAM, the three-year revolving credit facility, which was backed by four local and regional banks, replaces and upsizes the current facility of $400m.
Ahmed Khalifa Al Mehairi, CEO of Waha Capital, said: “Our robust financial performance attracted positive interest from the lending community. This new credit facility represents their vote of confidence in our business today, which I am confident will help create and sustain further value for our shareholders.”
He added that the new three-year facility will allow the company to manage its short-term working capital effectively, enabling the company to further capitalise on future growth opportunities, while giving it the increased bandwidth required to continue to steer the business in the right direction and ensure a highly efficient degree of liquidity management.
The lender group consisted of Abu Dhabi Commercial Bank, First Abu Dhabi Bank, Commercial Bank of Dubai and Gulf International Bank.
We’re pleased to report a net profit of AED154M for Q2 2021 with a 39% increase from Q1. Our #publicmarkets funds management business showcased a strong increase, and our robust balance sheet provides solid foundations to deliver on our strategy for further #growth pic.twitter.com/1dIpfIjymG
— Waha Capital (@WahaCapital) August 10, 2021
Waha Capital recorded a net profit of AED154m ($42m) in Q2 2021, representing a 39 percent increase over the previous quarter and bringing net profit for H1 2021 to AED265m ($72.2m), largely driven by its public markets business, whose assets under management recently exceeded the significant $1 billion milestone.
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