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ADX-listed investment management company Waha Capital secured a USD 400 mn revolving credit line from Abu Dhabi Commercial Bank, Emirates Islamic Bank, Commercial Bank of Dubai, and Gulf International Bank, according to a press release (pdf).
The details: The new facility has a three-year term, can be increased up to USD 500 mn, and includes an option to extend the maturity by up to two years, according to the statement.
Where the funds will go: The new facility will allow Waha Capital to invest in emerging avenues of growth over the next few years, Waha Capital Managing Director Mohamed Hussain Al Nowais said.
REMEMBER- Waha Capital incurred AED 11.7 mn in losses in 2Q 2024, falling from a net income of AED 170 mn during the same period last year. The company’s revenues from the sale of goods and services rose 8% y-o-y to AED 38.7 mn. In 1H 2024, the company posted AED 269.4 mn in net income, down 18% y-o-y, while its revenue from sales rose 8% y-o-y to AED 77.8 mn.
