The Public Markets business has maintained its strong track record of delivering returns and outperforming its peers in the MENA region, delivering Q1 profits of AED 139 million.
Both of Waha Capital’s best-in-class funds produced consistently strong returns. The CEEMEA Credit Fund produced a total Q1 return of 4.1%, bringing total cumulative return since inception in 2012 to 252.5%. The MENA Equity Fund produced a total Q1 return of 5.5% bringing total cumulative return since inception in 2014 to 248.1%.
Waha Capital’s Islamic fund, which launched in August 2020, and invests in Shari’a compliant assets across sukuk and equity markets, produced a total Q1 return of 1.6%.
PRIVATE INVESTMENTS HIGHLIGHTS
The Private Investments business, which comprises a portfolio of assets across a range of sectors including healthcare, industrial real estate, financial services and fintech, energy, infrastructure and travel, delivered Q1 profits of AED 15 million.
Private Investments has now transitioned to a new growth phase, with assets concentrated into a core portfolio of long-term investments, and a diversified strategy of strategic investments outside the region. New investments made in 2020 in US securities including our investment in LATAM online travel provider Despegar, are already contributing to overall returns.
Waha Land which constructs, owns and manages industrial real estate projects in Abu Dhabi has continued to maintain its strong occupancy rates at its Almarkaz development (95% for Stage 1 and 97% for Stage 2A) and continues to provide positive returns to Waha Capital.
H.E. Waleed Al Mokarrab Al Muhairi, Chairman of Waha Capital, said: “The COVID-19 vaccination program has continued to reaffirm confidence in global markets during the first quarter contributing to Waha Capital’s strong financial performance. The outlook for the rest of the year is encouraging, and the company has a comprehensive strategy to take advantage of opportunities in our key sectors and markets. The Board continues to take a long-term perspective to Waha Capital’s progress, ensuring that the company can deliver sustainable growth and value to shareholders.”
Ahmed Khalifa Al Mehairi, Chief Executive Officer of Waha Capital added: “Our first quarter results demonstrate that our strategy is working and provide further confidence in our ability to deliver sustained returns for shareholders. Our growth strategy is on track, our market leading funds continue to perform extremely well against peers, and our recent investments are already contributing to our profitability. Waha Capital has responded well to the challenges of the COVID-19 pandemic, and we have the right team and the capacity to make further strategic investments in the year ahead.”
About Waha Capital
Waha Capital is an Abu Dhabi-listed investment company that offers shareholders and third-party investors exposure to high-potential opportunities in diversified asset classes. The company manages assets across several sectors, including healthcare, financial services, energy, infrastructure, industrial real estate, travel and capital markets. Through its Principal Investments division, Waha Capital has established a strong investment track-record, deploying capital in sectors that display robust demand fundamentals and that have been prioritised by governments in the Middle East and North Africa region.
The company has also built a strong capability in managing global and regional credit and equity portfolios, which have enhanced the diversification and liquidity of Waha Capital’s balance sheet. The excellent performance of the company’s principal investments and public markets portfolios has enabled the business division to partner with third-party investors.
Established in 1997, Waha Capital benefits from a roster of prominent local shareholders that includes Mubadala Investment Company.
© Press Release 2021