Waha Capital’s third-quarter net profit jumps 289 per cent

Waha Capital records nine-month net profit of Dh231 million.

Salem Rashid Al Noaimi, Waha’s chief executive and managing director, says his company was excited about the growth potential of health care in the UAE. Delores Johnson / The National

Waha Capital said its third-quarter profit soared nearly 300 per cent to Dh107.1 million, thanks to investments in firms including AerCap, a New York-listed aircraft leasing company.

The Abu Dhabi-based firm plans to invest about Dh500 million in health care and education in the UAE over the next five years.

For the first nine months of the year, earnings surged to Dh230.8m from Dh31m for the same period last year.

Waha Capital also has investments in Dunia Finance, a UAE-based consumer finance firm, the Dubai-based Stanford Marine Group, as well as global fixed-income and equity assets.

In the middle of this year, Waha Capital acquired Anglo Arabian Healthcare, a UAE group that serves more than 400,000 people and employs 60 registered doctors.

Salem Rashid Al Noaimi, the investment firm’s chief executive, said it was planning to make further investments through the healthcare group, and acquire education assets.

It would likely split the Dh500m investment amount evenly between the two sectors.

Mr Al Noaimi said his firm was excited about the growth potential of health care in the UAE, citing the demographics, the population expansion, and Abu Dhabi’s introduction of mandatory insurance which other emirates would follow.

Meanwhile, AerCap, in which Waha Capital has a 26.3 per cent stake, has signed lease agreements for 10 aircraft this year, while Stanford Marine Group acquired five vessels this year.

Mr Al Noimi said Waha Capital, which has been investing its own funds up till now, was considering taking on investment partners, and changing Waha into a fee-generating business.

Waha Capital was also planning to invest more funds on Arabian Gulf equities after having focused mainly on emerging markets debts, he said.

“Our average ROE [return on equity] has been about 10 per cent over the past five years, significantly higher than our peers,’ said Mr Al Noimi.

“We have been approached by many investors who are looking to potentially co-invest alongside us and hence we are looking at how to do this looking forward.”