Waha Capital Shareholders Approve 2023 Dividend Distribution at Annual General Meeting

• Shareholders approve cash dividend of 10 fils for the 2023 financial year
• Board re-appointed with Waleed Al Mokarrab Al Muhairi re-elected Chairman

Abu Dhabi, United Arab Emirates, 26 March 2024: Shareholders of Waha Capital PJSC (ADX: WAHA), an Abu Dhabi-listed investment management company, approved a cash dividend of 10 fils per share at the company’s Annual General Meeting (AGM) on 26 March 2024. The dividend includes a 1.5 fils per share special dividend for the 2023 financial year.

In response to the company’s growth and strategic objectives, and in alignment with relevant regulatory requirements, shareholders approved the increase in board seats from seven to nine at the AGM. Additionally, shareholders also approved the appointment of Waha Capital’s Board of Directors. Waleed Al Mokarrab Al Muhairi, Ahmed Al Dhaheri, H.E. Nader Al Hammadi, Mohamed Hussain Al Nowais, Rasheed Al Omaira, and Homaid Al Shimmari, were all re-elected as members of the Board. Rashed Al Ketbi did not stand for re-election. Furthermore, three new members, Darwish Al Ketbi, Sanaa Al Ketbi, and Ahmad Al Qassimi, were elected to the Board to bolster its experience and expertise.

At the AGM, shareholders also authorised the company to contribute up to 1% of 2023 net profit towards CSR initiatives.

Waleed Al Mokarrab Al Muhairi, Chairman of Waha Capital, said: “Despite economic challenges and market fluctuations, Waha Capital demonstrated its resilience last year, delivering robust financial results and strong operational performance. Based on this, the Board proposed a dividend of 10 fils per share for 2023, which shareholders approved at the AGM.”

He added: “I would like to thank Mr. Rashed Al Ketbi for his contribution to Waha Capital during his tenure on the Board. As Mr. Al Ketbi steps down, I welcome our three new members, Darwish Al Ketbi, Sanaa Al Ketbi, and Ahmad Al Qassimi who each bring considerable knowledge and experience. The Board remains steadfast in its commitment to deliver long-term value for shareholders and will continue to empower the management team to pursue opportunities that can accelerate the company’s growth and development.”

Following the AGM, the Board met and re-appointed Waleed Al Mokarrab Al Muhairi as Chairman, Ahmed Al Dhaheri as Vice Chairman, and Mohamed Hussain Al Nowais as Managing Director.

Mohamed Hussain Al Nowais, Managing Director of Waha Capital, said: “I am honoured to have been re-elected as Managing Director of Waha Capital. I would like to thank the Board for their trust and confidence in my leadership. I look forward to working alongside the esteemed members of the Board and our team, to achieve the company’s strategic objectives and generate greater value for shareholders and investors.”

Waha Capital reported net profit of AED 440 million in 2023, an increase of 28% from the previous year. Waha Investment, the company’s wholly-owned asset management subsidiary, continued to generate solid revenues, producing net profit of AED 639 million as its assets under management reached AED 8.8 billion following substantial new third-party capital commitments. In addition, the Private Investments business continued to deploy capital through a healthy deal pipeline, while Waha Land achieved nearly full occupancy for its built assets, achieving net profit of AED 44 million.