Abu Dhabi: Waha Capital, the Abu Dhabi-listed investment firm, announced it has secured a five-year $500 million (Dh1.8 billion) revolving credit facility from local, regional, and international banks. This replaces the previous $375 million revolving credit facility secured in 2014.
The facility was sole-coordinated by First Gulf Bank (FGB). The book runners and mandated lead arrangers were FGB and Abu Dhabi Commercial Bank.
Commercial Bank of Dubai was the lead arranger, Waha said in a statement on Wednesday. Emirates NBD, Union National Bank, National Bank of Fujairah, Doha Bank, Nomura International, HSBC Bank Middle East Limited, Commercial Bank International, Malayan Banking Berhad, and GarantiBank International served as arrangers.
“Waha Capital has secured excellent terms for our new long-term credit facility, signalling confidence in the company’s growth strategy among out long-term financial partners,” said Salem Al Noaimi, chief executive officer and managing director of Waha Capital.
He added that the company was in a “strong position to invest further to diversify our assets and income streams, including through our new asset management business.”
Last week, Waha reported Dh130 million in net profit for the second quarter of 2016, marking a 22 per cent decline compared to the Dh166.8 million recorded in the same quarter of 2015.
The figures put net profit attributable to the owners in the first six months of this year at Dh305.8 million — a 12 per cent decline from the Dh349 million recorded in the first half of 2015.
Al Noaimi said the company was aiming to leverage challenges in global financial markets this year.
