UAE Armed Forces mandate Waha Capital for Dhs11bn financing facility

The deal includes the procurement of advanced 12 C-130J Super Hercules from Lockheed Martin along with four C17 military transportation jets from Boeing.

HE Hussein Al Nowais, Chairman of Waha Capital, stated that the mandate given to Waha was a testimony of the company's robust financial health and a testimony of the 12-year old company's capabilities and experience.

"This deal is in line with the company's investment strategy unveiled two years ago, which calls for diversification of resources, strengthening assets, supporting shareholders' equity and ensuring consistent revenue growth," he noted.

Pointing out that the deal marked Waha's biggest-ever project since the company's inception 12 years ago, Al Nowais stated that this latest win for Waha will positively affect the Company's financial performance by raising shareholders' equity, strengthening assets and raising profitability.

"This deal underlines the commitment of the UAE Government in general, and Abu Dhabi in particular to boosting both the local and international economy by providing investment opportunities for all partners," said Al Nowais highlighting how the deal was especially important given the current financial crisis.

"The deal will boost employment opportunities, finance and industry, while at the same time allowing parties to further optimize investment and development in multiple sectors," Al Nowais added.

Al Nowais stated that Waha Capital PJSC will work closely with its local and international partners, including the UAE Offset Program Bureau, Blenheim Capital Partners as well as other companies to facilitate the financing of this project, in consultation with both Lockheed Martin and Boeing.

"Waha Capital is well experienced and has the relevant local and international management talent to conclude such deals. The company is now one of the region's top financial services providers. What we see today is a testimony of how the UAE economy could ably transcend the global financial crisis thanks to the fruitful investment strategy articulated by Abu Dhabi Government which calls for diversifying revenues and capitalizing long-term investment opportunities in various sectors," he added.

Al Nowais also thanked HH Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE and HH Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, for their generous and constant support to all local companies.

HE Saif Mohammed Al Hajeri, CEO of the UAE Offset Program Bureau, explained that Waha Capital has maintained a consistent record of managing project financing since the company's inception under the umbrella of the Offset economic program. "The mandate of Waha Capital by the UAE Armed forces to arrange the financing facility bears a testimony to the excellent reputation of the company both locally and internationally."

"This deal is in line with the Offset Program strategy and framework and mirrors national priorities aimed at adding value to the local economy by involving international and local companies to set up joint ventures that have sustainable benefits for all parties," Al Hajeri added.

Waha Capital PJSC is a leading, diversified holding company with interests in various sectors such as leasing, financial services, real estate, maritime and logistics, through its subsidiaries: Waha Leasing, Waha Financial Services, Waha Land and Waha Maritime. Waha Capital has adopted a new strategy that aims at developing and diversifying into multiple sectors through acquisitions, joint ventures, and the launch of new companies. Its Dhs20bn investments in the upcoming three years will leverage the growth of Abu Dhabi and potential opportunities in various sectors.