Waha Capital
Waha Capital is an Abu Dhabi-listed investment management company managing AED 11.9 billion in AUM across three funds (MENA Equity, Emerging Markets Credit, Islamic Income) and three business divisions, serving institutional and third-party investors seeking emerging markets exposure.
- Company typePublic
- Founded1997
- HeadquartersAbu Dhabi, United Arab Emirates
- Headcount101–250
- GTM typeB2B
- OfferingServices
What Waha Capital does
Waha Capital is an Abu Dhabi-listed investment management company with emerging markets expertise and a multi-year track record of outperformance. Founded in 1997 and headquartered at Al Khatem Tower, ADGM, Al Maryah Island, the company manages AED 11.9 billion (approximately USD 3.2 billion) in total assets under management as of 31 December 2024 and serves institutional and third-party investors seeking exposure to MENA equities, CEEMEA sovereign and corporate credit, and Shari'a-compliant income strategies.
The company's platform is organized around three flagship funds — the Waha Emerging Markets Credit Fund (USD 1,592M AUM, absolute-return long/short CEEMEA credit), the Waha MENA Equity Fund (USD 954M AUM, absolute-return long/short MENA equities), and the Waha Islamic Income Fund (Shari'a-compliant) — alongside three business divisions: Waha Investments (strategic partnerships), Private Investments (proprietary capital deployment), and Waha Land (real estate). Long-dated performance is the company's principal credential: the MENA Equity Fund has delivered 432.0% total return since inception (14.4% annualized) and the Emerging Markets Credit Fund 327.5% (10.6% annualized).
Waha Capital generates revenue through two principal streams: recurring asset management fees on AUM across its third-party funds, and proprietary capital investment returns deployed in alignment with third-party investor interests. The firm reported a 13.7% return on investments in 2024, an FY 2024 net profit of AED 381 million, an FY 2025 net profit of AED 1.012 billion (2.5x year-on-year), and a Q1 2026 net profit of AED 57 million. Capital structure actions include a 2021 USD 500 million syndicated bank facility, a 2019 Mubadala investment, an FY 2025 dividend distribution approved at the AGM, a December 2025 board-approved share buyback program of up to 10% of shares, and inclusion in the FTSE ADX Dividend Stars Index in late 2025.
Waha Capital firmographics
Firmographics- Name
- Waha Capital
- Legal name
- Waha Capital
- Website
- https://wahacapital.ae
- Company type
- Public
- Founded year
- 1997
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Waha Capital is an Abu Dhabi-listed investment management company managing AED 11.9 billion in AUM across three funds (MENA Equity, Emerging Markets Credit, Islamic Income) and three business divisions, serving institutional and third-party investors seeking emerging markets exposure.
- Ownership category
- akta.pro rank
Waha Capital industry classification
Industry- Product category
- Investment Management
- NAICS
- Other Financial Investment Activities (5239), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Open-End Investment Funds (52591)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Islamic Investment Banking & Capital Markets Services (FSABAGAG)
Keywords
Where Waha Capital is headquartered
LocationHeadquarters
- HQ city
- Abu Dhabi
- HQ country
- United Arab Emirates
- HQ region
- Middle East
Offices1 record
Markets served
Waha Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- Asset Management Fees: Generates revenue through management fees on AUM across its investment funds including Waha Emerging Markets Credit Fund (USD 1,592M AUM), Waha MENA Equity Fund (USD 954M AUM), and Waha Islamic Income Fund.
- Investment Returns: Realizes returns through proprietary capital investments in alignment with third-party investor interests, generating net profit of AED 1.012 billion in FY 2025.
Distribution channels1 record
Marketing channels4 records
Waha Capital product offering
Product offeringCore offering
Waha Capital is an Abu Dhabi-listed investment management company that deploys proprietary capital in alignment with third-party investors across public and private markets. It manages three primary funds—a Shari'a-compliant Islamic Income Fund, an emerging markets credit fund focused on CEEMEA, and a MENA equity long/short fund—alongside private investments, strategic partnerships, and a real estate (Waha Land) division, with total AUM of AED 11.9 billion as of 31 December 2024.
Product overview
Waha Capital is an Abu Dhabi-listed investment management company offering a platform of investment products and business divisions. The company manages three primary investment funds: Waha Islamic Income Fund (Shari'a-compliant investments), Waha Emerging Markets Credit Fund (CEEMEA-focused credit investments with USD 1,592M AUM), and Waha MENA Equity Fund (MENA-listed equities with USD 954M AUM). These funds operate alongside three business divisions—Waha Investments (strategic partnerships), Private Investments (proprietary capital deployment), and Waha Land (real estate)—together comprising a diversified investment platform with AED 11.9 billion in total assets under management as of December 2024.
Differentiator
Problem solved
Functional benefit
Brands
- Waha Investments: Strategic partnerships and investment division of Waha Capital
- Private Investments
- Waha Land
Products and services
- Waha Islamic Income Fund A Shari'a-compliant income fund offered to investors seeking yielding investments, underpinned by Waha Capital's expertise in equities and fixed income. The fund reported 8.2% total return in 2025, 39.4% total return since inception, and a 5.9% annualised rate of return.
- Waha Emerging Markets Credit Fund An absolute return, long/short fund investing in sovereign and corporate emerging market credit, with a regional focus on Central and Eastern Europe, Middle East and Africa (CEEMEA). Managing USD 1,592 million in AUM, with 13.0% total return in 2025, 327.5% total return since inception, and a 10.6% annualised rate of return.
- Waha MENA Equity Fund An absolute return, long/short strategy investing in Middle East and North Africa (MENA) listed equities. Managing USD 954 million in AUM, with 6.4% total return in 2025, 432.0% total return since inception, and a 14.4% annualised rate of return.
- Waha Investments Waha Capital's core investment division focused on strategic partnerships and emerging markets expertise, with a strong multi-year track record of outperformance and access to long-standing strategic partnerships in the region.
- Private Investments Waha Capital's private investments division, deploying proprietary capital in alignment with third-party investor interests across private market opportunities.
- Waha Land Waha Capital's real estate investment division focused on land investments as part of its diversified investment platform.
Quantifiable outcome
- 13.7% Return on Investments for 2024
- +2 more outcomes
Companies that use Waha Capital
Customer profileSegments1 record
Ideal customer profiles1 record
Waha Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Waha Capital partnerships and signals
Strategic signalScale indicators10 records
Recent moves6 records
Expansion highlights5 records
Waha Capital competitors and assessment
Company assessmentBroad incumbents
- Abu Dhabi Commercial Bank (ADCB): ADX-listed Abu Dhabi bank with a broader balance sheet but also running wealth management and investment products for institutional clients. Comparable to Waha as an Abu Dhabi-listed financial institution participating in Waha's funding history and competing for regional institutional mandates.
- Mubadala Investment Company: Abu Dhabi sovereign investor with a public-markets, private-equity and credit platform across global and emerging markets. Comparable to Waha as a large UAE-headquartered multi-strategy investment house and an existing relationship shareholder per the 2019 funding round.
- Abu Dhabi Investment Authority (ADIA): Abu Dhabi sovereign wealth fund deploying proprietary capital across global and EM asset classes. Comparable to Waha as an Abu Dhabi-domiciled investment institution pursuing EM exposure and long-horizon capital allocation.
- Emirates NBD Asset Management: DFM-listed banking group with a dedicated AM arm distributing regional and EM investment products to institutional and retail clients. Comparable to Waha as a UAE-anchored, broadly distributed asset management franchise.
Direct peers
- SHUAA Capital: UAE-listed investment and asset management firm offering public-market funds, private equity and credit strategies across MENA. Closely comparable to Waha Capital in listed-AM structure, MENA/CEEMEA focus, and diversified alternative-strategy platform.
- Gulf Capital: Abu Dhabi-based alternative asset manager running private equity and credit vehicles across the MENA/CEEMEA region. Comparable to Waha's Private Investments and Emerging Markets Credit Fund in geographic focus and credit-led strategy.
Regional players
- Jadwa Investment: Riyadh-based investment bank and asset manager running MENA public-market and private-equity strategies, including Shari'a-compliant products. Comparable to Waha in regional AM, Islamic offerings, and long/short CEEMEA-oriented funds.
- Al Rajhi Capital: Saudi-listed investment arm of Al Rajhi Bank operating mutual funds, brokerage and asset management across GCC and emerging markets. Comparable to Waha in offering Islamic-compliant investment products to regional institutional and retail investors.
- Itqan Capital: Riyadh-based Shari'a-compliant asset manager running money market, fixed-income and equity funds across MENA. Comparable to Waha's Waha Islamic Income Fund strategy.
- SNB Capital: Saudi-listed investment bank and asset manager (formerly NCB Capital) running diversified MENA equity, fixed-income and Shari'a-compliant funds. Comparable to Waha in EM/CEEMEA equity strategies and Islamic product positioning.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks5 records
Key highlights6 records
Customer concentration
Waha Capital social profiles
Digital presenceWaha Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Waha Capital leadership team
Management profileNumber of profiles
Profiles4 records
Waha Capital subsidiaries and ownership
Company hierarchySubsidiaries3 records
Waha Capital funding detail
Funding detailFunding overview
Funding rounds2 records
Investors6 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Waha Capital M&A and investment
M&A and investmentM&A
Investments5 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Waha Capital
What does Waha Capital do?
Waha Capital is an Abu Dhabi-listed investment management company that deploys proprietary capital in alignment with third-party investors across public and private markets. It manages three primary funds—a Shari'a-compliant Islamic Income Fund, an emerging markets credit fund focused on CEEMEA, and a MENA equity long/short fund—alongside private investments, strategic partnerships, and a real estate (Waha Land) division, with total AUM of AED 11.9 billion as of 31 December 2024.
Is Waha Capital a public or private company?
Waha Capital is a public company. It is classified as public and is currently operating.
When was Waha Capital founded?
Waha Capital was founded in 1997. It employs 101 to 250 people.
Where is Waha Capital based?
Waha Capital is headquartered in Abu Dhabi, United Arab Emirates, in the Middle East region.
How does Waha Capital make money?
Two revenue lines are on record. Asset Management Fees are the primary driver. The others are investment Returns.
Who are Waha Capital's main competitors?
Broad incumbents on record are Abu Dhabi Commercial Bank (ADCB), Mubadala Investment Company, Abu Dhabi Investment Authority (ADIA) and Emirates NBD Asset Management. Direct peers are SHUAA Capital and Gulf Capital. Regional players are Jadwa Investment, Al Rajhi Capital, Itqan Capital and SNB Capital.
Does Waha Capital have an API?
No public API is recorded for Waha Capital.
What industry is Waha Capital in?
Waha Capital's product category is Investment Management. Its primary akta.pro industry code is FSABAGAG, Islamic Investment Banking & Capital Markets Services. Its NAICS code is 5239 and its SIC code is 6282.