Waha capital secures new $750m credit facility

Waha Capital, an investment company based in Abu Dhabi, has completed the refinancing of its credit facilities with 13 local and international banks. In its statement today, the company said that the new and upsized financing is a 5-year $750 million facility comprising a term loan for $375 million and a revolving loan for the same amount. This replaces the previous $505 million facility secured in 2011. Salem Rashid Al Noaimi, CEO and Managing Director of Waha Capital, said, "We have a growing appetite for new investment in sectors with high growth potential. Our strong performance demonstrates our ability to create value to our shareholders, and this is reflected in the very positive response we have received from the lending community in regards to this new facility. He added, "The success of this financing also reflects our platform's growing ability to deploy capital effectively and to manage our business sustainably. Both its size and tenor show that we are planning longer term and we have a well-defined and ambitious outlook on the future shape and size of our business." Waha Capital recorded a 43 percent rise in net profit to AED 306.4 million in 2013, and its assets increased 18 percent to AED 5.24 billion from a year earlier.