Real estate sector to get major portion of Waha's Dh20bn plan |
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Waha CapitalWaha Capital
of Abu Dhabi, formerly known as Oasis International Leasing, has announced more than Dh20 billion in investments over the next three years, mainly in the real estate sector.Hussain Al Nowais, Chairman of WahaWaha, a holding company listed on the Abu Dhabi Securities Market, launched the firm's new corporate identity, saying: "Waha CapitalWaha Capital's new strategy is designed to enable the company to be a key player in this transformation and in these initiatives. "Our gross investments over the next three years are expected to exceed Dh20bn across multiple sectors of business," said Al Nowais.
He also introduced Waha CapitalWaha Capital
's newly appointed Chief Executive Samer R Alhaj and the Chief Executive of Waha Leasing Salem Rashid Al Noaimi. Waha Leasing is a wholly owned subsidiary of the new holding company. The company's board of directors, who had taken charge two years ago, have also finalised a strategy that calls for diversification of the business portfolio, building on the company's current assets, increasing value for shareholders and ensuring consistent growth in income by identifying new investment sources. As a result, investments will be made in the aviation, finance, realty, infrastructure and the maritime and logistics sectors.
"We aim to achieve this by focusing on new business sectors, which include in addition to big-ticket leasing, financial services, real estate and maritime.
"As of today we have four subsidiaries dedicated to each of these sectors: Waha Leasing, WahaWaha
Financial Services, Waha Land and Waha Maritime," said Al Nowais. The chairman also highlighted the company's achievements, saying the company has acquired a 42.5 per cent share in Addax BankAddax Bank
, a leading Bahrain-based investment bank. Waha CapitalWaha Capital owns 60 per cent of WahaWaha Financial Services, which was established as a joint venture with the UK-based Blenheim Capital. "Waha CapitalWaha Capital
also entered strategic partnerships, such as the Mena Infrastructure Fund with HSBCHSBC and Dubai International CapitalDubai International Capital. "The forthcoming months will see new strategic partnerships with leading real estate companies in the UAE capital to benefit from this promising and booming sector," he added.
A six-kilometre block of land has also been acquired for Waha Land in Al Hameem on the Abu Dhabi-Tarif Highway in the Western Region of the emirate to start the real estate business.
"Out of the Dh20bn investments for the next three years, Waha CapitalWaha Capital
is planning to invest Dh15bn in the real estate sector, by setting up a complete complex for warehousing and logistics facilities along with middle-class housing and labour camps," he explained. Al Nowais concluded by stressing the importance of a highly qualified and skilled workforce to implement the company's vision.
He said Waha CapitalWaha Capital's board has been successful in attracting local and regional talent, both on the technical and management sides.
By Nissar Hoath
© Emirates Business 24/7 2008
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