12/06/2018 09:08 AST

Waha Capital has abandoned plans to raise a $300 million (Dh1.10 billion) private equity fund and the Abu Dhabi-based firm is pushing ahead with a new strategy for its private equity business, sources familiar with the matter said.

Investor demand for Middle East private equity funds has been hurt by a crisis of confidence at the region’s biggest buyout firm, Abraaj, which is battling allegations it misused funds.

Waha flagged its plan to raise a new private equity fund late last year and has since sounded out investors, three sources told Reuters. In a May presentation, there was no mention of the new fund.

“Waha Capital had some investors signed up for the fund but halted its strategy as it wants to focus on a deal-by-deal basis,” one source aware of the matter said.

“It was difficult to raise money, generally in the last two years and Abraaj has made it more difficult,” another source said. The sources declined to be named as the matter is not yet public. Waha declined to comment.

In March, Salem Rashid al Noami was appointed chairman of Waha while Michael Raynes was hired as chief executive. Some executives have left including Alain Dib, chief operating officer, and Hani Ramadan, managing director & head of private equity, the sources said. It is now refocusing private equity and principal investments teams to focus on strategies and themes rather than doing things separately, sources said. Abraaj suspended a $6 billion fund and is trying to push through a sale of Abraaj Investment Management as it tries to stem the fallout from allegations it misused investor money in a $1 billion healthcare fund.

Abraaj, which is the Middle East and Africa’s biggest private equity fund, denies any wrongdoing.

Gulf News

Waha Capital plans to hire for new fund targeting US and Europe


Abu Dhabi investment firm Waha Capital plans to hire more people as it seeks to start new funds, one of which will target undervalued US and European equities.

“Our strategy is to increase

The National

Waha Capital plans to hire for new fund targeting US, Europe


Abu Dhabi investment firm Waha Capital PJSC plans to hire more people as it seeks to start new funds, one of which will target undervalued US and European equities.

“Our strategy is to incr

Gulf News

Waha Capital reports 23% net profit rise on improving assets


Waha Capital said first-quarter profit rose 23 per cent on strong performance of the company’s asset management division and a gain on disposal of shares in US-listed aircraft lessor AerCap Holdings.

The National

Ticker Price Volume
UFIG 0.00 0
ALINMA 21.98 33,514,721
KINGDOM 8.72 134,044
ALJAZIRAREIT 13.74 581,858
BAHRI 30.45 1,186,546
FOODCO 3.70 0
WAHA Sector Market
Dividend Yield (%)
Relative Strength
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Price Vs…
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg
Ticker Price Change
DIC 2.00 0.03 (1.52%)
DFMC 0.95 0.00 (-0.43%)
ALRAMZ 4.55 0.00 (0.00%)
SHUAA 1.01 0.01 (1.00%)
GGICO 0.27 0.01 (5.51%)
Bank Nizwa participates in Malaysia industry event


Bank Nizwa, represented by two of its Board Members, Sami Al Dhugishi and Ishaq Al Maouli along with Chief Executive Officer, Khalid Al Kayed, participated in the 2nd Islamic Financial Services Board

Times of Oman

Emirates NBD stands chance to renegotiate Denizbank acquisition


The sharp decline of the Turkish lira in recent weeks has triggered speculation in banking circles that Emirates NBD stands a chance to renegotiate its deal to acquire Denizbank as the valuation has

Gulf News

Eshraq reports best half-year since 2014


Abu Dhabi-listed Eshraq Properties reported a first-half net profit of Dh14.8 million, compared to a loss of Dh0.32 million in the first half of 2017. The property firm said in a press statement that

Gulf News

Damac and RHG to launch Radisson Hotel


Damac Properties has signed a landmark agreement with Radisson Hotel Group (RHG) to develop and launch the ‘Radisson Hotel, Dubai Damac Hills’, its first, newly launched Radisson-branded property wor

The Gulf Today

Adnoc Distribution net profit up 18pc in H1


Abu Dhabi National Oil Company for Distribution (Adnoc Distribution) has reported that net profit for the six months ended June 30, 2018, increased by 18 per cent to Dh1.124 billion ($306 million) co

Trade Arabia