Waha Capital, an investment management company in Abu Dhabi, has announced the completion of the refinancing of its revolving credit facility with the support of four local and regional banks. The 3-year US$500 million revolving credit facility replaces and upsizes the current facility of $400 million.

The syndication of the facility was positively received with the lender group consisting of the following banks: Abu Dhabi Commercial Bank (acted as mandated lead arranger, bookrunner and structuring and coordinating bank); First Abu Dhabi Bank (acted as mandated lead arranger, bookrunner and structuring and coordinating bank); Commercial Bank of Dubai (acted as mandated lead arranger and bookrunner); and Gulf International Bank (acted as mandated lead arranger).

Commenting on the announcement, Ahmed Khalifa Al Mehairi, CEO of Waha Capital, said, “Our robust financial performance attracted positive interest from the lending community. This new credit facility represents their vote of confidence in our business today, which I am confident will help create and sustain further value for our shareholders.”

This new 3-year facility will allow the company to manage its short-term working capital effectively, enabling the company to further capitalise on future growth opportunities, while giving it the increased bandwidth required to continue to steer the business in the right direction and ensure a highly efficient degree of liquidity management, he added.

Waha Capital recorded a net profit of Dhs154 million in Q2 2021, representing a 39 per cent increase over the previous quarter and bringing net profit for H1 2021 to Dhs265 million. This growth was largely driven by its Public Markets business, whose assets under management recently exceeded the significant $1.0 billion milestone.

Etisalat appoints new CEO: Etisalat Group has announced the appointment of Masood M. Sharif Mahmood as Chief Executive Officer for Etisalat UAE operations.

Reporting to Etisalat Group CEO, this new position is part of Etisalat Group’s ongoing and agile transformation strategy that targets diversifying and exploring new growth opportunities, accelerating business development in the digital field, expanding geographical presence and maximising operational efficiency, said an Etisalat press release on Monday.

Mahmood has over 20 years of experience and currently serves on the boards of Al Yah Satellite Communications Company (Yahsat), the UAE Space Agency, and Etihad Aviation Group.

WAM