The United Arab Emirates government set up an Oasis in the desert that generated an average of USD4 million per employee in 2005. Waha Capital (Oasis) was established in May 1997 under the Offsets Department of the UAE government, which was designed to provide economic benefit for the UAE from defense expenditures overseas. Waha is engaged in identifying, managing, and investing in high value leasing transactions including aircraft, shipping, industrial, and infrastructure assets.

Waha began with a portfolio of aircraft for leasing to airlines. By June 2006, the portfolio grew to a total of 25 airplanes leased to airlines around the world reaching from Emirates AirlinesEmirates Airlines to Air Canada.

In February 2001, Waha expanded into the shipping business by acquiring 50% of a 172,000 ton vessel in partnership with The Torvald Klaveness Group, a family-owned Norwegian shipping company based in Oslo. The vessel is chartered for carrying a variety of dry cargoes including iron ore, coal and grain.

Waha further diversified into non-movable assets when in May 2005 it set up Industrial City Cooling Company (ICCC), as a joint venture with TabreedTabreed and Abu Dhabi Investment CompanyAbu Dhabi Investment Company, with two cooling plants worth AED80 million (USD22 million). In August 2006, Waha signed, in partnership with TabreedTabreed and Gulf International, an AED55 million (USD15 million) Islamic Ijara facility to finance the purchase of six portable cooling plants.

In September 2006, Waha took another step towards diversification when it invested USD50 million in the USD500 million MENA Infrastructure fund that was launched by Dubai International CapitalDubai International Capital. Launched in March 2006, the fund has a mandate to invest in regional infrastructure companies and projects in utilities, energy, and transportation.

Waha listed its shares on the Abu Dhabi Securities Market (ADSM)Abu Dhabi Securities Market (ADSM) in December 2000. In August 2002, Waha became the second UAE public joint-stock company (after Emaar) to allow international ownership of 49% its shares. Waha underwent an AED200 million (USD55 million) rights issue in December 2004 that increased its paid-up capital AED700 million (USD190). Waha underwent a second rights issue in August 2005 that further raised Waha's paid-up capital to AED1.5 billion (USD410 million).

Waha aims to build its asset and risk profile to USD1.5 billion with targeted moves into shipping, infrastructure and power plant financing.