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Waha Capital Announces 12.5% Bonus

Abu Dhabi : 24 February

The board of directors of Waha Capital PJSC, Abu Dhabi-listed company which met under the chairmanship of Hussain Al Nowais, chairman of Waha Capital, recommended a 12.5 per cent dividend bonus shares to share holders.

The company has also decided to issue mandatory convertible bonds or Sukuk valuing Dh1 billion.

Al Nowais said that the compulsory convertible bonds, or Sukuks, will support the company’s growth plans and acquire significant projects in a number of economic sectors. He said that numerous schemes have been announced recently including the start of a multi-use property project Al Markaz in Abu Dhabi, which stands for a quality addition to the industrial sector of the emirate by providing integrated complexes of light industrial compounds, storage facilities, warehouses, and housing for about 28,000 skilled workers.

The company’s chairman said that the schemes contributed in leveraging the company’s reputation and competitiveness on both local and international levels, serving the shareholders and partners’ interests in the private and government sectors.

Al Nowais said that the UAE nationals would benefit as a direct consequence of involving them in this national company’s work plans and that investment openings had been prioritized to facilitate drive the economic development in Abu Dhabi and the UAE.

Salem Rashid Al Noaimi, chief executive officer of Waha Capital, said that the company is analyzing many projects which will be announced in due course. Issuing the mandatory convertible bonds, or Sukuk, will leverage company’s financial strength and ensure new revenue sources to assist in going forward.

Al Noaimi disclosed that the board has proposed an extraordinary general assembly meeting of shareholders on March 21 to discuss the start of the mandatory convertible bonds.

Waha Capital earned the highest profits ever since its inception in 1997, growing to Dh217 million as at December 31, 2009, up against Dh40 million in the previous year, an increase of 442 per cent.

Andrew Reid, Staff Writer, Gulf Jobs Market News
23 February

2010, A Difficult Year Predicted For Gulf banks: Standard and Poors

The ratings agency Standard and Poor’s said on Tuesday that banks in the energy-rich Gulf region will face another difficult year in 2010 as they carry on to clean up their loan books, affecting performance.
The agency said that the global economic deceleration and monetary crisis have put the banking sector in Arab states of the [...]

23 February

Daman Eyes GCC Rebound with Fund of 200 Million Dhiram

Daman Investments, a Dubai-based asset management firm, announced in Dubai on Monday to introduce a Dh200 million fund that relies on the recovery in GCC markets.
The investment will be in top ranking equities listed on the local bourses as well as commodities and debt products. The fund, Daman Fifth Fund, aims 25 per cent internal [...]

23 February

Gulf Recovery Expected to Increase Pace this Year Due to High Spending

Economic recovery in the Gulf may not be as fast as for other developing economies; however it would gain impetus this year with high oil prices, improvement in banks’ balance sheets, and ongoing high levels of government spending. Economists said yesterday.
Simon Williams, HSBC chief economist said that banks are not yet lending however, they are [...]

23 February

Etisalat Will Pay 60% Cash Dividend and 10% Bonus

According to a company statement to the Abu Dhabi stock exchange yesterday the Etisalat board of directors proposed a cash dividend of 60 per cent on the face value of its shares for the year 2009.
The board also proposed to issue one bonus share for every 10 held.
Etisalat shares were not traded yesterday because of the board [...]

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