The Abu Dhabi-based investment firm Waha Capital said it had sold its stake in AerLift Leasing to a newly established US-based aircraft leasing company.
Waha Capital, which also owns a stake in the New York-listed aircraft leasing company AerCap, said that Goldman Sachs acted as an adviser to the sale of its 60.7 per cent stake in AerLift.
AerLift owns a portfolio of 11 commercial aircraft operated by a number of international airlines, it said.
Waha Capital did not disclose the value of the sale nor did it identity the buyer. The firm’s spokesperson was not immediately available for comment.
“The disposal of our stake in Aerlift demonstrates the rapidly accelerating implementation of our strategy to focus on our core assets and become a leading regional investment management company,” said Salem Rashid Al Noaimi, the chief executive and managing director of Waha Capital. “We have crystallised a good return to our shareholders through this sale, which adds to the capital base we are building to make future investments in areas of strong growth potential.”
AerCap, in which Waha Capital has a 26.3 per cent stake, said in December that it had agreed to buy the insurer American International Group’s aircraft leasing business in a deal valued at more than US$5 billion.
Under the terms of the transaction, which will increase the size of AerCap’s fleet to more than 1,300 aircraft, AIG will receive $3bn in cash in addition to 97.5 million AerCap shares for its wholly-owned subsidiary International Lease Finance Corporation.
Waha Capital’s share price yesterday rose 1.4 per cent to Dh2.76. The shares have gained 28.5 per cent this year.
mkassem@thenational.ae
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Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
BeIN Sports currently has the rights to show
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The Melbourne Mercer Global Pension Index
The Melbourne Mercer Global Pension Index
Mazen Abukhater, principal and actuary at global consultancy Mercer, Middle East, says the company’s Melbourne Mercer Global Pension Index - which benchmarks 34 pension schemes across the globe to assess their adequacy, sustainability and integrity - included Saudi Arabia for the first time this year to offer a glimpse into the region.
The index highlighted fundamental issues for all 34 countries, such as a rapid ageing population and a low growth / low interest environment putting pressure on expected returns. It also highlighted the increasing popularity around the world of defined contribution schemes.
“Average life expectancy has been increasing by about three years every 10 years. Someone born in 1947 is expected to live until 85 whereas someone born in 2007 is expected to live to 103,” Mr Abukhater told the Mena Pensions Conference.
“Are our systems equipped to handle these kind of life expectancies in the future? If so many people retire at 60, they are going to be in retirement for 43 years – so we need to adapt our retirement age to our changing life expectancy.”
Saudi Arabia came in the middle of Mercer’s ranking with a score of 58.9. The report said the country's index could be raised by improving the minimum level of support for the poorest aged individuals and increasing the labour force participation rate at older ages as life expectancies rise.
Mr Abukhater said the challenges of an ageing population, increased life expectancy and some individuals relying solely on their government for financial support in their retirement years will put the system under strain.
“To relieve that pressure, governments need to consider whether it is time to switch to a defined contribution scheme so that individuals can supplement their own future with the help of government support,” he said.
MATCH INFO
What: 2006 World Cup quarter-final
When: July 1
Where: Gelsenkirchen Stadium, Gelsenkirchen, Germany
Result:
England 0 Portugal 0
(Portugal win 3-1 on penalties)
