Dubai: Abu Dhabi based investment company Waha Capital continues its impressive turnaround, having just secured a $500 million revolving credit facility from four local and regional banks. This replaces – and “upsizes” – the current $400 million facility on its books.
“This 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,” said Ahmed Khalifa Al Mehairi, CEO. This gives the “increased bandwidth required to continue to steer the business in the right direction and ensure a highly efficient degree of liquidity management.”
Waha over the last year and more has put in place strategies and effected management changes, and recent results have borne that out. It recorded a net profit of Dh154 million in the second quarter, representing a 39 per cent increase over the first three months of 2021 and bringing net profits for first-half 2021 to Dh265 million. This growth was largely driven by its public markets business, whose assets under management recently exceeded $1 billion.
For the latest credit facility, these banks are involved:
Abu Dhabi Commercial Bank (acted as mandated lead arranger, bookrunner and structuring and coordinating bank);
First Abu Dhabi Bank (acted as mandated lead arranger, bookrunner and structuring and coordinating bank);
Commercial Bank of Dubai (acted as mandated lead arranger and bookrunner); and
Gulf International Bank (acted as mandated lead arranger).