Abu Dhabi: Waha Capital, an Abu Dhabi based investment company, announced on Tuesday that it has appointed Mohammad Hussain Al Nowais as the new Managing Director to boost growth following the departure of Michael Raynes as the CEO.

“Mohammad Al Nowais has been appointed as Managing Director to support Waha Capital as the company moves ahead with a growth strategy designed to further develop a solid diversified business,” Waleed Al Mokarrab Al Muhairi, Chairman of Waha Capital said in a statement.

“Through his work on the board, he has a strong knowledge of the company’s operations, and is focused on continuing to create sustainable value for our investors and other key stakeholders. I would like to thank Michael Raynes and wish him success in his future endeavours.”

Al Nowais is currently a board member of Waha Capital and is also the Chairman and Managing Director of Tama Investment & Development. He previously held positions at Abu Dhabi Investment Authority (ADIA) and JP Morgan in New York.

Al Nowais will lead the company pending the appointment of a new CEO, which is currently being finalised.

Waha’s portfolio of investments includes stakes in aviation leasing firm AerCap Holdings as well as assets across several sectors, including health care, financial services, energy, among others.

The company listed on Abu Dhabi bourse reported a net loss of Dh57.8 million in the first quarter of 2019, due to revaluation of investment in AerCap Holdings.

In the first quarter, Waha Capital disposed 3 million AerCap (a global aircraft leasing firm listed on New York Stock Exchange) shares equivalent to a 2.1 per cent stake in the company for Dh490 million.

Waha Capital and Abu Dhabi based Gulf Capital have also held exploratory discussions regarding a merger, sources told Reuters in May.