Waha Capital, which counts Mubadala Investment Company among its shareholders, appointed Mohamed Al Nowais as managing director as its chief executive left after being in the role a little more than a year.
The top managerial appointment follows a decision by the board to part ways with chief executive Michael Raynes, as the investment management company "pursues a new path of growth", Waha Capital said on Tuesday.
Mr Al Nowais, who is a director at the company, will lead pending the appointment of a new chief executive, which is being finalised, Waha Capital said.
Mr Raynes took over the role of chief executive in March last year, after holding several senior positions at Waha over the past decade.
Mr Al Nowais was appointed "to support Waha Capital as the company moves ahead with a growth strategy designed to further develop a solid diversified business,” said Waleed Al Muhairi, chairman of Waha Capital.
Mr Al Nowais is a board member of Waha Capital as well as chairman and managing director of Tama Investment & Development. He previously held roles at Abu Dhabi Investment Authority and JP Morgan in New York.
Based in Abu Dhabi, 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 globaly-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.
Waha Capital swung to a net loss of Dh57.8 million in the first quarter of 2019, due to a revaluation of its investment in aircraft lessor AerCap Holdings.
“Although short-term market conditions have impacted some investments, notably AerCap, Waha Capital remains in a strong position to deliver sustainable growth and an attractive return on equity in the coming years,” Mr Al Muhairi said at the time.