Waha Cap­i­tal ac­quires stake in Chan­nel VAS

The Gulf Today - Business - - 2uae -

ABU DHABI: Waha Cap­i­tal, an Abu Dhabi-based in­vest­ment com­pany, has ac­quired a sig­ni­icant mi­nor­ity stake in Dubaibased Chan­nel VAS, a rapidly grow­ing inan­cial tech­nol­ogy com­pany. Waha Cap­i­tal’s new in­vest­ment is ap­prox­i­mately $55 mil­lion.

The ac­qui­si­tion adds to the di­ver­si­ica­tion of Waha Cap­i­tal’s prin­ci­pal in­vest­ment port­fo­lio, which holds stakes in sev­eral com­pa­nies, in­clud­ing New York­listed air­craft leas­ing irm Aer­cap Holdings NV and Uae-based oil and gas ser­vices irm, Na­tional Petroleum Ser­vices.

“Through this ac­qui­si­tion, we are en­hanc­ing our port­fo­lio by tap- ping into a high-po­ten­tial in­dus­try and an in­no­va­tive com­pany backed by a best-in-class man­age­ment team that al­ready has an im­pres­sive track record, and is im­ple­ment­ing a solid strat­egy for ex­pan­sion,” said Salem Al Noaimi, CEO and Man­ag­ing Di­rec­tor of Waha Cap­i­tal.

EMERG­ING MAR­KETS

Chan­nel VAS op­er­ates in over 25 emerg­ing mar­kets and pro­vid­ing mi­cro inance lend­ing so­lu­tions to over 500 mil­lion mo­bile net­work sub­scribers, who often do not have ac­cess to other inan­cial ser­vices.

On his part, Bas­sim Haidar, founder and CEO of Chan­nel VAS, said, “It is a great plea­sure to wel­come Waha Cap­i­tal, a pre­mium in­vest­ment com­pany, among our stake­hold­ers.

This strate­gic in­vest­ment cre­ates a win-win sit­u­a­tion, as both par­ties are lead­ers in their re­spec­tive fields.” Haidar added, “This part­ner­ship will fur­ther ce­ment Chan­nel VAS’ lead­ing po­si­tion on the Fintech front and will sup­port us in pro­vid­ing even more in­no­va­tive ser­vices and fi­nan­cial so­lu­tions to hun­dreds of mil­lion peo­ple all over the world, most of which are with­out easy reach of tra­di­tional fi­nan­cial ser­vices.”

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