Abu Dhabi's Waha Capital appoints new chief executive

Amr Al Menhali is a senior banker and a member of the UAE Banking Federation board

An investor monitors a screen displaying stock information at the Abu Dhabi Securities Exchange June 25, 2014. The spectacular rise and fall of Arabtec, Dubai's most heavily traded stock, teaches hard lessons about how risky the region remains for investors even as its rapid economic growth lures billions of dollars in fresh funds from abroad. Wild trading by local retail investors who dominate activity, plus weak corporate disclosure and a hands-off approach by regulators, can make a toxic mix, and on occasion destabilise entire markets.  REUTERS/Stringer  (UNITED ARAB EMIRATES - Tags: BUSINESS) - GM1EA6P1SB001
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Waha Capital, which counts Mubadala Investment Company among its shareholders, appointed Amr Al Menhali as chief executive after a management shakeup last month.

Mr Al Menhali, who will join the Abu Dhabi-listed firm in September, has nearly two decades of experience with UAE banks in a variety of senior roles. He sits on boards of several finance companies and is also a board director of the UAE Banking Federation, Waha said in a statement on Monday.

His appointment follows the decision of the board last month to part ways with former chief executive Michael Raynes, who left the investment management company after a little over a year in the top managerial role. Mr Raynes took over as chief executive in March last year, after holding several senior positions at Waha over the past decade.

“I look forward to leading the company on its next phase of growth, which will involve helping to create additional value at its current investments, seeking attractive new opportunities, and building a solid asset management offering for third-party institutional investors,” Mr Al Menhali said.

In June Waha also appointed Mohamed Al Nowais as managing director to help steer the company in the absence of a chief executive, it said at the time.

Mr Al Nowais is a board member of Waha Capital and chairman and managing director of Tama Investment & Development. He previously held roles at Abu Dhabi Investment Authority and JP Morgan in New York.

Waha Capital operates two business divisions: private investments, which invests directly in high-potential companies; and asset management, which invests proprietary and third-party funds in globally-listed equities and credit. The company manages assets across several sectors including aircraft leasing, health care, financial services, energy, infrastructure, industrial real estate and capital markets.

In May, Reuters reported that Waha Capital and another UAE company Gulf Capital held exploratory discussions regarding a merger.