Waha Capital to recruit with new funds planned

Abu Dhabi investment firm Waha Capital plans to hire more people as it seeks to start new funds, one of which will target undervalued US and European equities.

“Our strategy is to increase fee income by raising third-party assets under management,” chief executive Michael Raynes told Bloomberg in an email. “The focus is to take opportunities to investors, in this region and in Europe, the US and Asia.”

The company, which has Dh2.4 billion ($653 million) in assets under management, is reorganising its fund-marketing division to support its investment drive, which may also include a fund that caters to regional demand for Sharia-compliant investments, he said.

Waha Capital, 14 per cent owned by Mubadala Investment Company, also has direct long-term holdings spanning aviation, energy and financial services, and a private equity division focused on the Middle East and North Africa.

Mr Raynes denied a report last month that the company had abandoned plans to raise a $300m private equity fund. “We have never set any targets for fundraising,” he said, adding that Waha has taken a co-investment route rather than raising capital pools.

Troubles at Dubai-based Abraaj Group have had no “noticeable direct impact on our business, which is diversified between our principal investments and our asset management business”, he said.

In May, Waha Capital shareholders named Salem Al Noaimi as chairman and Ahmed Al Dhaheri as vice chairman.

Mr Raynes, who previously held senior positions at Waha for more than a decade, was appointed chief executive of the company. Mr Al Noaimi, who had served as chief executive since 2009, succeeded Hussain Al Nowais as chairman.