Waha Capital Q1 profit hits AED111mn

Waha Capital Q1 profit hits AED111mn

Abu Dhabi / WAM

Waha Capital on Tuesday announced its results for the first quarter of 2021. The company delivered an overall Q1 profit of AED 111 million as both the Public Markets and Private Investments businesses demonstrated robust performance, while the global economic outlook continued to improve due to Covid-19 vaccination efforts. According to financial statement, the public markets business maintained its strong track record of delivering returns and outperforming its peers in Mena region, delivering Q1 profits of AED 139 million. Waha Capital’s Islamic fund, which launched in August 2020, and invests in Shari’a compliant assets across sukuk and equity markets, produced a total Q1 return of 1.6 percent.

The private investments business, which comprises a portfolio of assets across a range of sectors including healthcare, industrial real estate, financial services and fintech, energy, infrastructure and travel, delivered Q1 profits of AED 15 million. Waha Land which constructs, owns and manages industrial real estate projects in Abu Dhabi has continued to maintain its strong occupancy rates at its Almarkaz development (95 percent for Stage 1 and 97 percent for Stage 2A) and continues to provide positive returns to Waha Capital. Waleed Al Mokarrab Al Muhairi, Chairman of Waha Capital, said: