It has been a good week for Waha Capital, which announced profit gains and acquired a big stake in a major aircraft leasing company.
On Saturday, Waha announced a net profit of Dh77 million for the first nine months of this year, a rise of more than 239 per cent over the same period last year. Yesterday, it underlined its status as a deal maker when it took a 20 per cent stake in the Dutch aircraft lessor AerCap in a transaction valued at US$380m.
The deal comes after an earlier tie-up, called AerVenture, with the company. That deal was signed in April last year and entailed a 50-50 joint venture that had 47 aircraft under management and leased the assets to commercial airlines around the world.
Under the terms of yesterday's deal, Waha agreed to transfer its stake in the AerVenture partnership to AerCap, plus a 40 per cent stake in a 16-aircraft portfolio it wholly owns, as well as $105m in liabilities and cash. Waha officials said the deal would see its aircraft move under the management of one of the best aircraft lessors in the world, while AerCap will gain entry into the growing MENA region aviation market, with plans to open a representative office in Abu Dhabi soon.
Waha has mushroomed into a diversified investment company since it was founded in 1997. Its investments now focus on infrastructure and property, the maritime sector and financial services, and all have recorded measurable progress recently. Waha shares fell heavily yesterday on profit taking from the previous day's big rise.
Over the past 12 months the stock has been a laggard, off almost 20 per cent on this time last year. Over the past three months it has made up much-needed ground but looks like it may have much further to go.
igale@thenational.ae
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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The biog
Simon Nadim has completed 7,000 dives.
The hardest dive in the UAE is the German U-boat 110m down off the Fujairah coast.
As a child, he loved the documentaries of Jacques Cousteau
He also led a team that discovered the long-lost portion of the Ines oil tanker.
If you are interested in diving, he runs the XR Hub Dive Centre in Fujairah
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
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Tree of Hell
Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla
Director: Raed Zeno
Rating: 4/5
WITHIN%20SAND
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Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
UAE squad to face Ireland
Ahmed Raza (captain), Chirag Suri (vice-captain), Rohan Mustafa, Mohammed Usman, Mohammed Boota, Zahoor Khan, Junaid Siddique, Waheed Ahmad, Zawar Farid, CP Rizwaan, Aryan Lakra, Karthik Meiyappan, Alishan Sharafu, Basil Hameed, Kashif Daud, Adithya Shetty, Vriitya Aravind