Abu Dhabi-based Waha Capital PJSC is discussing investment opportunities with potential partners in Saudi Arabia, as the company looks to diversify its investment portfolio outside the United Arab Emirates, Reuters reported citing Hussain al Nowais, the chairman.
“Waha, which owns a stake in AerCap Holdings NV and has invested in the UAE's healthcare, financial and oil and gas services sectors, has the expertise and capability to enter the Saudi market through start-ups or acquisition”, Al-Nowais said after the company’s annual general meeting on Wednesday.
Saudi Arabia is opening its economy to foreign investment as part of Vision 2030.
The company secured a $500 million credit facility in August and has around AED 600 million ($163.4 million) in cash to invest.
Waha’s profit dropped 30 percent year-on-year in 2016, while profit declined to AED 19.5 million in Q4 from AED 121 million in Q4-2015, so the company might liquidate some investments and make new acquisitions this year to enhance profitability.
The company does not plan to sell its 25 percent stake in UAE-based consumer finance firm Dunia Finance, while Dunia’s shareholders are considering a stake sale.
At the meeting, Waha’s shareholders approved the board’s recommendation of a 20 percent dividend.
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}