The energy sector in the UAE and greater Arabian Gulf region will be getting an economic push from a $1 billion investment from the Abu Dhabi investment company Waha Capital. The investment will serve the power, oil and gas services sector according to the chairman, Hussain Al Nowais, but exact details on how many deals will stem from the investment are still being evaluated. Additionally, Waha Capital is planning on initiating a credit fund to boost other assets throughout Abu Dhabi and the greater area.
The Abu Dhabi based investment company also reported strong numbers in the fourth quarter which indicates their ability to fund the growth. Waha Capital experienced a net profit of Dh142 million that marks an 88% increase over their 2013 profits of Dh75.6m. The increase resulted after positive dividends were reaped from Waha Capital’s holding of its New York-listed airline leasing company AerCap.
On top of these economic benefits, the Abu Dhabi investment company has investments in other industries and sectors throughout the region according to Hussain Al Nowais. Some include:
- Dh274m with 20% stake in National Petroleum Services, an oil and gas company based in Dubai
- Co-founding of a $300m Mena Infrastructure Fund with 17.9% stake
- 25% stake in a United Arab Emirates consumer finance company called Dunia Finance
These stakes are among the many to foster future investments in the energy sector throughout the Middle East and Northern Africa regions, as a new unit was set up last May as well. All of the deals and upcoming investments are displaying the UAE as a strong economic contender in the global market where other nations may find the opportunity to seek out financial assistance from them. Hussain Al Nowais may release more information about the plans of the Abu Dhabi-based Waha Capital firm once deals have undergone further examination.