28 July 2023
2023 ويلوي 28
Disclosure & Compliance Section
لاثتملااو حاصفلاا مسق
Market Operations Surveillance Dept
ةباقرلاو تايلمعلا ةرادإ
Abu Dhabi Securities Exchange (ADX)
ةيلاملا قراولأل يبظوبأ قوس
Abu Dhabi, UAE
ة دحتملا ةيبرعلا ترااملإا ،يبظوبأ
Greetings,
،،،دعبو ةبيط ةيحت
Subject: Meeting of the Board of Directors
لاتيباك ةحاولا ةكرش ةرادإ سلجم عامتجا :عوضوملا
of Waha Capital PJSC on Friday
28 قفاوملا ةعمجلا موي دقعنملا ع.م.ش
28 July 2023
2023 ويلوي
We refer to the above matter and write to notify
سلجم نأب مكديفن اننإف ،هلاعأ عوضوملا ىلإ ةراشلإاب
you that the Board of Directors of Waha
دقع دق )ةكرشلا( ع.م.ش لاتيباك ةحاولا ةكرش ةرادإ
Capital PJSC (the Company) held a meeting at
يف 2023 ويلوي 28 قفاوملا ةعمجلا موي هل ًاعامتجا
10:00 am on Friday 28 July 2023, via video
لاصتلاا ةيصاخ مادختساب ًاحابص ةرشاعلا ةعاسلا مامت
conference, and resolved as follows:
:يلي ام ررقو يئرملا
1. To approve the Company’s Q2 2023
نم يناثلا عبرلل ةكرشلل ةيلاملا مئاوقلا ىلع ةقفاوملا .1
financial statements.
.2023 ماعلا
2. To approve certain other matters relating to
لامعأب ةقلعتم ةماع لئاسم ىلع سلجملا قفاو امك .2
the general business of the Company.
.ةكرشلا
Yours faithfully,
،،،ريدقتلاو مراتحلاا قئاف لوبقب اولضفتو
_____________________________________
ماعلا ينوناقلا راشتسملا – سرـــيام لواــب
Paul Myers – General Counsel
Copy to: Securities & Commodities Authority (SCA)
علسلاو ةيلاملا قراولأا ةئيه : ىلإ ةخسنManagement discussion and analysis for the
period ended 30 June 2023
www.wahacapital.comAl Waha Capital PJSC (“the Company”) and its subsidiaries (together referred to as “the Group”) reported net profit attributable
to Owners of the Company of AED 168.9 million for the six-month period ended 30 June 2023 compared to AED 87.3 million
for the corresponding period of 2022.
KEY ACTIVITIES DURING THE PERIOD
The following key activities occurred during the period:
• Public Markets total assets under management reached AED 7.3 billion (USD 2.0 billion) as of 30 June 2023
compared to AED 4.8 billion (USD 1.3 billion) as of 31 December 2022, an increase of 51%. Within this figure, assets
under management attributable to Owners of the Company were AED 3.1 billion as of 30 June 2023 compared to
AED 3.0 billion as at 31 December 2022.
• The period to date returns from funds managed by the Group were: Waha Emerging Markets Credit Fund SP
(previously referred to as the Waha CEEMEA Credit Fund SP) of 3.8% (net), Waha MENA Equity Fund SP of 10.5%
(net) and Waha Islamic Income Fund SP of 3.78% (gross).
• Private Investment assets under management (including Waha Land) stood at AED 1.6 billion as of 30 June 2023
compared to AED 1.7 billion as at 31 December 2022.
Summary income statement for the period ended 30 June
(AED ‘000)
H1 2023 H1 2022 Q2 2023 Q2 2022
Revenue from sale of goods and services 71,916 55,375 35,880 28,695
Cost of sale of goods and services (53,505) (44,367) (26,875) (22,931)
Share of profit from equity-accounted associates and joint
ventures,net 1,598 4,986 1,170 2,303
Gain on disposal of equity-accounted associates and joint
ventures 5,021 31,263 5,021 31,263
Income / (loss) from financial investments, net 445,794 149,853 226,254 (107,815)
Income from investment property, net 23,468 24,572 11,782 12,430
Other income, net 6,048 2,318 5,353 1,827
Net operating income / (loss) 500,340 224,000 258,585 (54,228)
General and administrative expenses – company (93,373) (39,181) (44,790) (4,358)
General and administrative expenses – subsidiaries (27,324) (25,412) (13,758) (13,255)
Finance cost, net (61,497) (54,284) (29,578) (28,547)
Total expenses (182,194) (118,877) (88,126) (46,160)
Profit / (loss) for the period from continued operations 318,146 105,123 170,459 (100,388)
Discontinued operations
Loss from discontinued operations - (6,430) - (1,008)
Loss for the period from discontinued operations - (6,430) - (1,008)
Profit / (loss) for the period 318,146 98,693 170,459 (101,396)
Non-controlling interests (149,290) (11,411) (76,558) 42,054
Profit / (loss) attributable to owners of the Company 168,856 87,282 93,901 (59,342)
Basic and diluted earnings per share (AED) 0.090 0.046 0.050 (0.032)
Basic and diluted earnings / (loss) per share from
continuing operations attributable to the Owners of
the Company (AED) 0.090 0.043 0.050 (0.032)
2NET OPERATING INCOME
Six-month period ended 30 June 2023
Net operating income of AED 500.3 million for the six-month period ended 30 June 2023, compared to AED 224.0 million
for the corresponding period of 2022, was driven by the following:
• Public Markets income of AED 481.1 million compared to AED 151.5 million in 2022 showing strong performance
driven by fee income and increase in assets under management.
• Private Investments loss of AED 4.4 million compared to income of AED 47.1 million in H1 2022 mainly due
• Gross Profit from healthcare business of AED 18.4 million (H1 2022: AED 11.0 million)
• Gain on disposal of AED 5.0 million (H1 2022: AED 31.3 million) offset by
• Loss from financial investments of AED 29.7 million (H1 2022: AED 1.6 million)
• Waha Land income of AED 23.6 million compared to AED 25.4 million in H1 2022
Three-month period ended 30 June 2023
Net operating income of AED 258.6 million for the three-month period ended 30 June 2023, compared to a loss of AED 54.2
million for the corresponding period of 2022, was driven by the following:
• Public Markets gain of AED 242.7 million compared to loss of AED 72.2 million in Q2 2022
• Private Investments profit of AED 4.1 million compared to loss of AED 5.2 million in Q2 2022 mainly due to:
• Loss from financial investments of AED 11.4 million (Q2 2022: AED 1.6 million) offset by
• Gain on disposal of AED 5.0 million (Q2 2022: AED 31.3 million)
• Waha Land income of AED 11.8 million compared to AED 12.8 million in Q2 2022
TOTAL EXPENSE ANALYSIS
Six-month period ended 30 June 2023
Total expenses for the six-month period ended 30 June 2023 was AED 182.2 million compared to AED 118.9 million in 2022,
mainly comprised of:
• General and administrative expenses - company, amounting to AED 93.4 million compared to AED 39.2 million for
the corresponding period of 2022, an increase of AED 54.2 million mainly due to a prior year reversal of AED 23.7
million in 2022 and higher performance-based incentive compensation accrued in 2023
• General and administrative expenses – subsidiaries, amounting to AED 27.3 million compared with AED 25.4 million
for the corresponding period of 2022
• Finance costs, net - company, amounting to AED 56.6 million, compared to AED 32.9 million in the corresponding
period of 2022, an increase of AED 23.7 million, mainly due to increase in interest rates
• Finance costs, net - subsidiaries, amounting to AED 4.9 million, compared to AED 21.4 million in the corresponding
period of 2022, a decrease of AED 16.5 million, mainly due to higher interest income generated in the public markets
business.
Three-month period ended 30 June 2023
Total expenses for the three-month period ended 30 June 2023 was AED 88.1 million, compared to AED 46.2 million in
2022, mainly comprised of:
• General and administrative expenses - company, amounting to AED 44.8 million compared to AED 4.4 million for
the corresponding period of 2022, an increase of AED 40.4 million, mainly due to a prior year reversal of AED 10.4
million in 2022 and higher performance-based incentive compensation accrued in 2023
• General and administrative expenses – subsidiaries, amounting to AED 13.7 million compared to AED 13.3 million
for the corresponding period of 2022
• Finance costs, net - company, amounting to AED 29.1 million, compared to AED 17.8 million in the corresponding
period of 2022, an increase of AED 11.3 million, mainly due to higher interest rates
• Finance costs, net - subsidiaries, amounting to AED 0.5 million, compared to AED 10.7 million in the corresponding
period of 2022, a decrease of AED 10.2 million, mainly due to higher interest income generated in the public markets
business.
3NET PROFIT / (LOSS) ATTRIBUTABLE TO OWNERS OF THE COMPANY
Six month period ended 30 June 2023
Net profit attributable to owners of the Company of AED 168.9 million for the six-month period ended 30 June 2023,
compared to a net profit of AED 87.3 million for the corresponding period of 2022, was mainly driven by the following:
• Public Markets profit of AED 308.1 million compared to AED 93.8 million in 2022;
• Private Investments loss of AED 26.2 million compared to profit of AED 27.6 million in 2022;
• Waha Land profit of AED 16.0 million compared to AED 19.5 million in 2022; and
• Finance and other corporate costs of AED 129.0 million compared to AED 53.6 million in 2022.
•
Three month period ended 30 June 2023
Net profit attributable to owners of the Company of AED 93.9 million for the three-month period ended 30 June 2023,
compared to a loss of AED 59.3 million for the corresponding period of 2022, was mainly driven by the following
• Public markets profit of AED 155.0 million compared to a loss of AED 53.7 million in 2022;
• Private Investments loss of AED 3.3 million compared to AED 2.2 million in 2022;
• Waha Land Profit of AED 8.3 million compared to AED 9.4 million in 2022; and
• Finance and other corporate costs of AED 66.1 million compared to AED 12.8 million in 2022.
Net profit / (loss) by segment attributable to owners of the Company (AED million)
155 308
Public Markets Public Markets
(54) 94
(3) (26)
Private Investment Private Investment
(2) 28
8 16
Waha Land Waha Land
10
19
(66)
Corporate (129)
(13) Corporate
(54)
94
Net Profit 169
(59) Net Profit / (loss)
87
Q2 2023 Q2 2022 H1 2023 H1 2022
4WAHA CAPITAL
Summary Balance Sheet (AED ‘000)
As at 30-Jun-23 As at 31-Dec-22
Investments in equity accounted associates and joint ventures 92,257 95,505
Right-of-use assets 29,350 35,245
Investment property 351,841 282,232
Financial investments 7,668,093 6,873,932
Loan investments 43,459 40,749
Other assets 1,008,353 905,489
Cash and bank balances 552,276 797,349
Assets Held For Sale 466,940 466,940
Total assets 10,212,569 9,497,441
Borrowings 3,971,481 3,585,715
Derivative liabilities 97,218 72,644
Lease liabilities 29,377 34,368
Trade and other liabilities 359,793 475,768
Total liabilities 4,457,869 4,168,495
Total equity 3,515,585 3,501,123
Total liabilities and equity 10,212,569 9,497,441
Total assets composition (AED million)
The Group’s total assets of AED 10,212.6 million as at 30 June 2023, compared to AED 9,497.4 million as at 31 D
2022, an increase of 7.5% and mainly comprised of:
a) Financial investments of AED 7,668.1 million compared to AED 6,873.9 million in 2022, an increase of AED 794.2
f AED 840.1 f AED 45.9
million from private investments.
b) Cash .<• AED 552.3 AED 797.3 2022, a decrease of AED 245.0
million mainly due to:
Dividends paid of AED 150.7 million payments for development of properties f AED 69.6 million decrease in
working capital of public market funds AED 183.1 million and settlement of unclaimed dividends to 2015 in
line with regulatory directives of AED 22.0 million; offset by
non-controlling interest holders of AED 263.6 million from new nvestments n Public Market
funds
c) Other assets of AED 1,008.4 million as at 30 June 2023 compared to AED 905.5 million as at 31 December 2022,
an ■ f AED 102.9 million mainly due to increase n receivables of public market funds due trom brokers on
settlement of trades offset by settlement of unclaimed dividends 2015 in line with regulatory directives of
AED 22.0 million
5The Group’s total liabilities of AED 4,457.9 million as at 30 June 2023 compared to AED 4,168.5 million as at 31 December
2022, an increase of AED 289.4 million, comprised of:
a) Borrowings of AED 3,971.5 million compared to AED 3,585.7 million as at 31 December 2022, an increase of AED
385.8 million:
• Corporate: RCF outstanding stood at AED 1,294.6 million as of 30 June 2023 compared to AED 1,291.3 million
as at 31 December 2022
• Subsidiaries: Outstanding borrowings of AED 2,676.9 million as of 30 June 2023 compared to AED 2,294.4
million mainly represents increase in repurchase liabilities related to public market funds of AED 331.1 million.
b) Trade and other liabilities of AED 359.8 million compared to AED 475.8 million as at 31 December 2022, a decrease
of AED 116.0 million; mainly represents decrease in payables of public market funds due to brokers on settlement
of trades, employee related payments and settlement of unclaimed dividends prior to 2015 in line with regulatory
directives.
6BUSINESS AND PORTFOLIO COMPANIES ANALYSIS
The Group’s business comprises three primary divisions: Public Markets, Private Investments and Waha Land.
Public Markets
The Public Markets business (operated by Waha Investments PrJSC, a wholly owned subsidiary) focuses on applying
rigorous analysis to emerging markets to deliver solid returns over a market cycle on behalf of the Group and external
investors. All the funds under Waha Investment’s management continue to perform well, despite the challenging macro-
economic conditions impacting markets around the world.
Since inception of Waha Investment’s business in 2012, two flagship funds were established: the Waha Emerging Markets
Credit Fund SP (previously referred to as the Waha CEEMEA Credit Fund SP) and the Waha MENA Equity Fund. Time, and
initial seed capital of AED 368m (US$100m) in each, has been invested to build the team, infrastructure, and track record
before looking to raise third party capital.
The Waha Islamic Income Fund SP with seed capital of AED 92 million (US$ 25 million) was launched in Q3 2020 to invest
in Sharia compliant assets across the Sukuk and equity markets.
During H1 2023, Waha Investment was mandated to manage an AED 1.8 billion (US$ 500 million) fund for an institutional
client, bringing total AUM to AED 7.3 billion (US$ 2.0 billion).
The key strategic focus of Waha Investment is to continue to actively manage client assets, while generating market leading
performance and attracting third party institutional and high net worth investors.
Waha Investment’s managed funds’ period to date returns on invested capital were:
• Waha Emerging Markets Credit Fund SP (previously referred to as the Waha CEEMEA Credit Fund SP) of 3.8%
(net) on a fund size of AED 2.18 billion (US$ 593.6 million)
• Waha MENA Equity Fund SP of 10.5% (net) on a fund size of AED 3.02 billion (US$ 821.5 million)
• Waha Islamic Income Fund SP of 3.78% (gross) on a fund size of AED 0.17 billion (US$ 46.3 million)
Private Investments
The Private Investments business commenced a multi-asset investment strategy in the last quarter of 2021. This included
the launch of two new investment portfolios – Global Opportunities and Core.
The Global Opportunities portfolio has a broad and flexible investment mandate enabling Waha Capital to invest across
geographies, industries, capital structures and asset classes, in an opportunistic manner. This diversified portfolio, which was
launched in November 2021, targets investments in the alternatives space with high risk-adjusted returns. The net carrying
value of the Global opportunities portfolio as of 30 June 2023 was AED 511 million.
The Core portfolio seeks to take controlling or significant minority stakes in businesses in the MENA region with established
track records, strong management teams and robust governance frameworks. Such companies would typically demonstrate
stable capital growth prospects, whilst providing recurrent and reliable cash yields. The net carrying value of the Core portfolio
as of 30 June 2023 was AED 58 million.
The Legacy portfolio consists of the Company’s existing mature investments with the goal of assessing potential monetisation
options. In 2022, the business commenced the implementation of the multi-year strategy to maximize shareholder value
across this portfolio. During H1 2023, the legacy portfolio has incurred mark to market losses of AED 16m. The net carrying
value of the legacy portfolio as of 30 June 2023 was AED 329 million.
7WAHA CAPITAL
Waha Land
Waha Land, a wholly owned subsidiary of Waha Capital, is developing “ALMARKAZ”, an integrated industrial development
with Grade “A” industrial/logistics facilities and first-class infrastructure. The development is in Al Dhafra, approximately 15
minutes from Mussafah, Abu Dhabi, and is well located to access the multi-modal industrial and logistics infrastructure (land,
sea, air, and rail) of the UAE. The development is on a 6 km2 land, granted by the Government of Abu Dhabi.
The development is envisioned to be completed in four phases with multiple stages in each phase. Phase 1, which comprises
of 25% of the total land area (1.5 km2), will be completed in three Stages. In Stage 1 and Stage 2A, circa 180,000 m2 of multi­
use industrial/logistics units were completed along with the associated infrastructure like roads, utilities, and telecom. The
existing units are fully leased out, home to more than 85 tenants, both local and international entities, from diverse industry
segments such as Oil & Gas, Manufacturing, Defence, Logistics, IT, Contracting and F&B.
An expansion, “Stage 2B”, is currently under construction, which will add circa 75,000 m2 of premium industrial/logistics
facilities, with an expected close by Q3 2023. This expansion is in line with the Waha Land’s underlying ethos to execute a
consistent, disciplined investment approach with emphasis on institutional quality assets flexible to suit a variety of uses and
support a diverse range of tenants from different industry segments. Waha Land’s growth strategy is focused on continuing
to grow the leasable portfolio, developing new products and services for the UAE’s Industrial/Logistics market, in line with
dynamically evolving regional and global market dynamics.
During the period ended 30 June 2023, Waha Land reported total income of AED 23.6 million (2022: AED 25.4 million).
The carrying value of investment property was AED 818.8 million as at 30 June 2023, including AED 466.8 million classified
as held for sale.
OUTLOOK
Waha Capital remains committed to delivering strong and sustained returns for its shareholders and investors, as
demonstrated by another profitable quarter. Despite the increased economic and market uncertainty globally, the Company
has shown resilience and reported positive returns to-date thanks to its prudent approach. The Public Markets business has
continued to deliver robust results since inception, with the flagship funds continuing to outperform their benchmark indices
in 2023. The growth strategy for the Private Investments business has begun to yield results, with investments made and
growth achieved in the Global Opportunities and Core Portfolio, and the opportunistic monetization of mature assets under
the Legacy Portfolio.
Despite an anticipated uncertain macroeconomic environment ahead, driven by the combination of slow growth, high inflation,
and geopolitical risks, Waha Capital remains cautiously optimistic about the future. Active management of the funds, growing
the investor base, and preserving and scaling third party capital remain a priority for the Public Markets business for 2023.
Assessing and investing in a diverse pipeline of investments for the Global Opportunities and Core Portfolio and evaluating
opportunities for value crystallization of mature assets will remain priorities for the Private Investments business. Waha Land
will also maintain and continue executing its long-term strategy to develop, lease and monetize land and built assets at
ALMARKAZ. Underpinning this outlook is the Company’s continued focus on maintaining strong corporate governance,
protecting both shareholder and client assets, growing the asset base and achieving economies of scale across our balance
sheet.
8WAHA CAPITAL
Financial Results
Q2/H1 2023Waha Capital H1 2023 net profit up 221% year-on-year to AED 318
million on returns from capital markets funds and increased fee
income
Key highlights
 Public Markets business generates net profit of AED 458 million, driven by increased
fee income and strong returns on proprietary investments in flagship funds
 Private Investments business reports net loss of AED 27 million due to unrealised
revaluation losses on certain portfolio assets
 Waha Land produces net profit of AED 16 million from rental income
Income H1 H1 % Q2 Q2 %
statement 2023 2022 Change 2023 2022 Change
highlights (YoY) (YoY)
(AED million)
Total 500 224 123% 259 (54) 580%
income
General & (121) (65) (86%) (59) (18) (228%)
operating expenses
Finance cost (61) (54) (13%) (30) (29) (3%)
Net profit/loss 318 99 221% 170 (101) 268%
Net profit 169 87 94% 94 (59) 259%
attributable to
shareholders
RETURN ON INVESTMENTS (1) ASSETS UNDER MANAGEMENT (2)
15.0 % AED 9.0bn
RETURN ON AVERAGE EQUITY (3)
RETURN ON AVERAGE ASSETS (4)
12.6 % 7.0 %
Notes:
(1): Based on trailing twelve months’ investment return
(2): As of 30 June 2023, including assets managed on behalf of third parties across all businesses
WAHA CAPITAL 2(3): Based on trailing twelve months’ contribution to Waha Capital shareholders
(4): Based on trailing twelve months’ contribution to all shareholders, including minorities
WAHA CAPITAL 3Waleed Al Mokarrab Al Muhairi
Chairm an
Waha Capital performed strongly in the first half of 2023, generating net profit of
AED 318 million and a return on average equity of 12.6%.
Despite challenging macroeconomic conditions, the emerging markets funds
managed by Waha Investment have delivered positive returns, further extending
their multi-year track record of outperformance. This has resulted in inflows of
AED 2.1 billion in third-party capital, which has contributed significantly to the
company’s fee income.
The Private Investments business remains strong and stable as it pursues a
flexible, opportunistic approach. The team’s global opportunities strategy and
active management of Waha Capital’s direct investments have been instrumental
in creating long-term value for stakeholders.
The Board of Directors recently appointed Mohamed Hussain Al Nowais as
Managing Director and is continuing to work closely with the senior leadership
team to implement a strategy for sustainable growth that will enhance
shareholder value in the coming years.
Mohamed Hussain Al Nowais
Managi ng Director
I am pleased to report that Waha Capital achieved a solid performance in the first
six months of this year, demonstrating the company’s resilience and financial
position. Our investment teams have continued to create value while managing
risk amid heightened uncertainty in global markets.
Our flagship emerging markets credit and equity funds have continued to deliver
exceptional returns to the company and our clients. We are attracting a high level
of interest among regional institutional investors and family offices, which is
translating into substantial capital commitments. Assets under management now
exceed US$2 billion, with third-party assets accounting for 57% of this total.
Meanwhile, the Private Investments team has applied a prudent approach to
capital deployment through its Global Opportunities strategy, providing exposure
to investments that are traditionally only within the domain of global institutional
investors. We expect that market disruption caused by a higher rate environment
will generate further attractive opportunities in the coming months.
Waha Land continues to generate steady income as it focuses on developing,
leasing, and monetising land and built assets at ALMARKAZ.
The combination of our core businesses represents a highly differentiated
proposition to stakeholders. We will continue to target long-term growth through
WAHA CAPITAL 4diversified income streams in order to reinforce Waha Capital’s status as the
premier asset management firm in the region.
Abu Dhabi, 28 July 2023: Waha Capital PJSC, an Abu Dhabi-listed investment management company
(ADX: WAHA), reported a 221% increase in net profit year-on-year to AED 318 million for H1 2023 -
equating to a return on equity of 12.6% - driven by healthy returns from its capital markets funds and
higher fee income from managing third-party assets.
The company recorded total operating income of AED 500 million in the first six months of 2023, an increase
of 123% from AED 224 million a year earlier. Income growth was primarily driven by the strong performance
of Waha Investment, a wholly owned asset management subsidiary, as its emerging markets funds continued
to deliver considerable returns and attract significant capital.
While the company has maintained strong cost discipline, operating expenses have increased due to
performance-based incentive compensation accruals, which have risen in line with investment results. Higher
benchmark interest rates have contributed to an increase in finance costs to AED 61 million from AED 54
million a year earlier.
For the second quarter, Waha Capital reported total income of AED 259 million and net profit of AED 170
million. Waha Capital’s total assets under management (AUM) stood at AED 9.0 billion at the end of June 2023,
versus AED 6.3 billion a year earlier.
In May 2023, the company’s Board of Directors appointed Mr. Mohamed Hussain Al Nowais as Managing
Director to lead the company through the next phase of its growth and development. Mr. Al Nowais, a Board
member at Waha Capital since 2018, has previously held roles at Abu Dhabi Investment Authority (ADIA) and
JPMorgan in New York. He is currently Managing Director of AMEA Power, Executive Director at AlNowais
Investments Company, and a board member for Al Dhafra Insurance Company PSC and Abu Dhabi National
Industrial Projects (ADNIP).
In line with Waha Capital's 2023 Corporate Social Responsibility (CSR) mandate, (as approved by shareholders
at the company’s March 2023 annual general assembly), the company is committed to establishing an
undergraduate scholarship program. The scholarship program will aim to offer eligible students, based in the
United Arab Emirates, valuable educational assistance and opportunities for practical work experience within
Waha Capital.
Waha Investment
Waha Investment, the capital markets business that actively manages emerging markets funds, achieved AED
481 million in net investment returns in the first half of 2023, while fee income from managing third-party
capital almost doubled year-on-year to AED 46 million. The business reported net profit of AED 458 million,
compared to AED 113 million a year earlier.
The company’s flagship credit and equity funds produced positive returns in the face of continued volatility
in global markets, continuing their exceptional multi-year track record of outperformance.
The Waha MENA Equity Fund achieved a total return of 10.5% versus 5.4% by its benchmark in the first six
months of the year. The fund has delivered a cumulative return of 321.4% since its inception in January 2014,
versus the S&P Pan Arab Composite Index’s return of 62.9%.
The Waha Emerging Markets Credit Fund, which pursues diverse long-short strategies in emerging markets
fixed income, recorded a total return of 3.8%, compared to 4.1% for its benchmark. The fund has delivered a
cumulative return of 189.2% since its inception in 2012, versus the JPMorgan EMBI Global Diversified Index
return of 45.0%.
WAHA CAPITAL 5The Waha Islamic Income Fund delivered a total return of 3.78% (gross of fees) versus a benchmark return of
2.03%. The fund, which mainly invests in global sukuk and Shari’ah-compliant equities, has recorded a
cumulative return of 19.4% (gross of fees) since its inception in August 2020, versus a -3.1% return by the Dow
Jones Sukuk Index.
Private Investments
The Private Investments business continued to pursue its fully flexible, opportunistic global mandate and
prudently deploy capital through its Global Opportunities multi-asset investment strategy. This portfolio
generated net profit of AED 9 million in the second quarter of 2023, which helped to offset the mark-to-market
losses incurred in the first quarter of 2023. Total assets under management in this portfolio were AED 511
million as of 30th June 2023.
The business continues to evaluate add-on opportunities through its Core Portfolio, which provides Waha
Capital with exposure to private investments in the MENA region with established track records. The growth
strategy of Waha Health, the company’s healthcare platform, is making progress and delivered a profit in the
first half of 2023. Assets under management in this portfolio were AED 58 million at the end of the first six
months of the year.
The Private Investments team continues to evaluate opportunities to monetise mature assets in order to
maximise shareholder value. This portfolio was impacted in the first half of 2023 by mark-to-market losses on
its shareholding in NESR. Total assets under management in this portfolio were AED 329 million as of 30th June
2023.
The business recorded a net loss of AED 27 million in the first half, versus net profit of AED 20 million year-on-
year, predominantly due to fair value adjustments on its NESR investment.
Waha Land
Waha Land, a wholly-owned subsidiary that develops, owns, and operates light industrial real estate assets,
recorded total revenue of AED 23 million in the first six months of 2023, driven by steady rental income.
The company has successfully developed and fully leased 17 warehouse buildings at the ALMARKAZ Industrial
Development, providing approximately 362,000 sq.m. of industrial space. Waha Land is currently developing
a further 136,000 sq.m of income-producing industrial properties at the site, in line with Abu Dhabi’s strategy
to advance its industrial and logistics sectors.
- ENDS –
About Waha Capital
Waha Capital is an Abu Dhabi-listed investment management company that leverages its emerging markets
expertise, business networks and research capabilities to deliver attractive returns to shareholders and
investors in its funds.
Founded in 1997, Waha Capital is one of the Emirate’s leading private sector investment houses, providing a
world-class platform for investment and growth. The company has a long-established track record of
investing in public and private markets, deploying proprietary capital in alignment with third-party investors.
WAHA CAPITAL 6The Public Markets business (operated by Waha Investment PrJSC, a wholly owned subsidiary) offers
sophisticated investors actively managed emerging markets credit and equities funds, via a disciplined
approach to investment and implementing distinctive strategies to deliver consistent market-leading returns.
The Private Investments business pursues a multi-asset investment approach focused on direct investments,
with the flexibility to deploy capital across diverse sectors and geographies. The business leverages extensive
international business networks to source deals and form co-investment partnerships.
Counting Mubadala Investment Company as an anchor shareholder, Waha Capital is at the forefront of Abu
Dhabi’s increasingly dynamic and entrepreneurial financial services ecosystem, creating long-term value for
shareholders, fund investors, employees, and communities.
Further Information for Media and Investors
For further information on Waha Capital and its investment capabilities, please visit wahacapital.com
For media enquiries, please contact: For investment enquiries, please contact:
Ameera Khalid Maher Mansour
Vice President, Investor Relations & External Head of Investor Relations & External
Communications Communications
Waha Capital Waha Capital
Tel: +971 2 403 9346 Tel: +971 2 403 9305
E-mail: communications@wahacapital.ae E-mail: investor.relations@wahacapital.ae
WAHA CAPITAL 7

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