Abu Dhabi: Abu Dhabi-based Waha Capital PJSC, a company established by restructuring Oasis International Leasing PJSC, said on Monday its investments over the next three years in aviation, finance, real estate, infrastructure and maritime and logistics sectors will together exceed Dh20 billion.
"Waha Capital is planning to invest Dh15 billion in the real estate sector by setting up complete complex for warehousing and logistics facilities along with middle-class housing and labour camps," Hussain Al Nowais, chairman of Waha Capital said at a news conference here.
He said Waha Capital's four subsidiaries - Waha Land, Waha Leasing, Waha Maritime and Waha Financial Services (joint venture with 60 per cent stake) will focus on business growth.
Waha Land's initial focus will be on developing a special project supporting industrial development on a six-square kilometre block of land located at Al Hameem area near Musaffah on the Tareef-Abu Dhabi road.
The land was allocated to Waha Land by General Shaikh Mohammad Bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces.
"The funding of our businesses will be through our own capital, banking facilities and strategic partnership," said Al Nowais.
"Waha Capital will focus on building its financial power through business growth and ensuring financial flexibility. As a company looking at investing in acquisitions, joint ventures and new business, we will ensure that Waha Capital has appropriate and transparent funding options," said Al Nowais.
Highlighting achievements of Waha Capital, Al Nowais said the company acquired a 42.5 per cent stake in Addax Bank, a major Bahrain-based investment bank. Waha Capital also owns 60 per cent of Waha Financial Services, which was established as a joint venture with UK-based Blenheim Capital.
"Waha Capital also entered strategic partnerships, such as Mena Infrastructure Fund with HSBC and Dubai International Capital.
"The coming months will see new strategic partnerships with leading real estate companies in Abu Dhabi to benefit from this booming sector," Al Nowais added.
By Himendra Mohan Kumar
© Gulf News 2008
