Stock Abu Dhabi skyline
Waha Capital's shareholders include Mubadala, the Abu Dhabi sovereign fund. Both of Waha's key divisions recorded profitability during 2020. Image Credit: Ahmed Ramzan/Gulf News

Dubai: Boosted by improved numbers from investments, Abu Dhabi’s Waha Capital has approved a 6 per cent dividend (at 6 fils a share).

The investment company saw its private investments business come up with net profits of Dh40 million – that’s a major turnaround from the devastating Dh835.4 million loss it sustained in 2019. The ‘public markets’ business had a profit of Dh321.4 million, with the CEEMA Credit Fund and MENA Equity Fund returning 14.9 per cent and 14.1 per cent, respectively, for 2020.

Dip in assets

Waha Capital, in which Abu Dhabi heavyweight Mubadala is an investor, has exposures in healthcare, financial services, energy, infrastructure, industrial real estate, travel and capital markets. It had total assets of Dh8.9 billion by end December 2020, compared to Dh9.3 billion in 2019.

“Due to an effective turnaround strategy, Waha Capital returned to profit in 2020, led by the significantly improved performance of its private investments business and a strong contribution from public markets division,” said Waleed Al Mokarrab Al Muhairi, who has been reappointed as Chairman. “The year-end returns generated by both the credit and equity funds were particularly noteworthy, and well ahead of industry benchmarks.”