Waha Capital
Waha Capital is an Abu Dhabi-based Emirati investment company focused on alternative investments, direct investments, and infrastructure opportunities in emerging MENA markets.
Last updated August 31, 2026
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Overview
Waha Capital is an investment company headquartered in Abu Dhabi, United Arab Emirates. The business was established in 1997 by Emirati businessman Hussain J. Al Nowais under the name Oasis International Leasing Company. Its original activity was the leasing of high-value assets, including aircraft, ships, and infrastructure-related assets. The company’s shares have been listed on the Abu Dhabi Securities Exchange since 2000. The business changed direction during the 2000s as it moved beyond its original leasing model and developed into a broader investment group. In 2007, it adopted the Waha Capital name to reflect its increasing emphasis on investment activities. Its strategy has centered on identifying commercial opportunities in emerging economies across the Middle East and North Africa, particularly markets undergoing economic transition and long-term growth. Waha Capital has used several investment formats. These have included direct stakes in operating companies, participation in regional infrastructure funds, and investments in financial services, healthcare, marine services, energy services, telecommunications infrastructure, and related sectors. Its investment portfolio has included Dunia Finance, Anglo Arabian Healthcare, Channel VAS, Stanford Marine Group, National Petroleum Services, ALMARKAZ, and the MENA Infrastructure Fund. The company also became a significant investor in AerCap Holdings, a New York Stock Exchange-listed aircraft leasing company, before exiting that investment in 2019. The company’s investment history reflects its original connection to asset leasing as well as its later concentration on private equity-style and infrastructure-related opportunities. It acquired a controlling interest in Stanford Marine Group in 2008 and participated in the launch of a MENA-focused infrastructure fund in the same year. Waha Capital later expanded its infrastructure platform through a second fund launched in 2015. It also acquired a substantial interest in National Petroleum Services in 2014 and purchased Anglo Arabian Healthcare in 2013. As of December 2019, Waha Capital reported total assets under management of AED 9.3 billion, equivalent to approximately US$2.5 billion at the exchange rate cited in the reference material. The company is led by Chairman Waleed Al Mokarrab Al Muhairi and Managing Director Mohamed Al Nowais as reported in May 2023. Other figures associated with its leadership and governance include Ahmed Bin Ali Al Dhaheri and Homaid Al Shimmari. Waha Capital’s identity is therefore that of a regionally focused investment platform rather than a consumer-facing product brand, with its activities directed toward capital deployment, portfolio management, and ownership interests in businesses and funds.
History
Waha Capital was founded in Abu Dhabi in 1997 by Emirati businessman Hussain J. Al Nowais. It began as Oasis International Leasing Company, a leasing business specializing in high-value assets. Its initial portfolio included aircraft, ships, and infrastructure-related assets, placing the company within the broader asset-finance and leasing sector. The company reached an early capital-markets milestone in 2000, when its shares became listed on the Abu Dhabi Securities Exchange. During its first decade, the business operated primarily as a leasing company, but its strategic direction changed as it began pursuing a wider range of investment opportunities. In 2007, the company rebranded as Waha Capital, signaling its transition toward an investment-led model. The reoriented business concentrated on emerging economies in the Middle East and North Africa. Its stated approach involved investing directly in companies and participating in regional infrastructure funds, with a focus on sectors expected to benefit from economic development and structural change. This strategy produced a diversified portfolio spanning financial services, healthcare, marine services, energy services, telecommunications infrastructure, and other commercial activities. In 2008, Waha Capital became involved in two important portfolio initiatives. It acquired 70% of Stanford Marine Group in Dubai, a marine-services business, and co-sponsored the US$300 million MENA Infrastructure Fund. Waha Capital held a 17.9% limited-partner investment in that fund. The same year, it also invested in Dunia Finance alongside other investors, expanding its exposure to financial services. The company’s international investment profile grew in 2010, when it acquired a 20% stake in AerCap Holdings, an aircraft-leasing company listed on the New York Stock Exchange. Waha Capital’s interest later rose to 26.3% in 2014. The AerCap investment was consistent with the company’s historical experience in aircraft leasing, while also giving it exposure to a large international aviation-finance platform. Waha Capital continued to expand its direct-investment portfolio in the healthcare and energy-services sectors. In 2013, it acquired Anglo Arabian Healthcare, a group operating in Abu Dhabi, Sharjah, and Ajman. In 2014, it acquired a 90% interest in National Petroleum Services, which operated across Saudi Arabia, the United Arab Emirates, Qatar, Algeria, Malaysia, Brunei, India, and Turkmenistan. In 2015, the company launched a second infrastructure fund valued at US$500 million, reinforcing infrastructure as a central element of its investment strategy. In 2019, Waha Capital divested its stake in AerCap Holdings. The transaction produced a reported net gain of AED 40 million and marked the realization of one of the company’s most significant international investments. By December 2019, the firm had total assets under management of AED 9.3 billion, or approximately US$2.5 billion according to the cited reference. As described in the available reference material in May 2023, Waha Capital was chaired by Waleed Al Mokarrab Al Muhairi and managed by Managing Director Mohamed Al Nowais. The company’s development illustrates a shift from a specialized Emirati leasing enterprise into a diversified, regionally focused investment group using direct holdings, fund structures, and portfolio management to access growth sectors in MENA and selected international markets.
- 2019
AerCap investment divested
[1]The company sold its AerCap stake and reported a net gain of AED 40 million.
- 2015
Second infrastructure fund launched
[1]Waha Capital launched a second infrastructure fund with a stated value of US$500 million.
- 2014
National Petroleum Services acquisition and higher AerCap holding
[1]Waha Capital acquired 90% of National Petroleum Services and its AerCap holding reached 26.3%.
- 2013
Acquisition of Anglo Arabian Healthcare
[1]The company acquired Anglo Arabian Healthcare, which operated in Abu Dhabi, Sharjah, and Ajman.
- 2010
Initial AerCap investment
[1]Waha Capital acquired a 20% stake in NYSE-listed aircraft lessor AerCap Holdings.
- 2008
Investment in Stanford Marine Group and MENA Infrastructure Fund
[1]Waha Capital acquired 70% of Stanford Marine Group and co-sponsored the US$300 million MENA Infrastructure Fund, in which it held a 17.9% limited-partner interest.
- 2007
Rebranded as Waha Capital
[1]The company adopted the Waha Capital name as it shifted from a leasing-centered business toward a broader investment model.
- 2000
Shares listed on the Abu Dhabi Securities Exchange
[1]The company’s shares began trading on the Abu Dhabi Securities Exchange.
- 1997
Company founded as Oasis International Leasing Company
[1]Hussain J. Al Nowais founded the company in Abu Dhabi as a leasing business focused on high-value assets such as aircraft, ships, and infrastructure.
Products and positioning
A UAE-based, MENA-focused investment platform that combines direct corporate investments with infrastructure and alternative-investment strategies in emerging regional markets.
Infrastructure investment fund · 2008
MENA Infrastructure Fund
Waha Capital co-sponsored this regional infrastructure fund in 2008. The fund had a stated value of US$300 million, and Waha Capital held a 17.9% limited-partner investment. It represented the company’s strategy of accessing infrastructure opportunities through fund structures rather than only through direct corporate ownership.
Infrastructure investment fund · 2015
Second infrastructure fund
Launched in 2015, the second infrastructure fund was described as having a value of US$500 million. Its creation extended Waha Capital’s regional infrastructure platform and supported the company’s focus on emerging MENA markets and long-term development-linked assets.
Alternative investments
Direct investment platform
Waha Capital’s direct-investment activity consists of stakes in operating companies across sectors including healthcare, energy services, marine services, telecommunications-related services, and financial services. Named investments have included Anglo Arabian Healthcare, National Petroleum Services, Stanford Marine Group, Dunia Finance, Channel VAS, and ALMARKAZ.
Asset finance investment · 2010
Aircraft-leasing investment
Waha Capital invested in AerCap Holdings, an international aircraft-leasing company. The stake began at 20% in 2010 and reached 26.3% in 2014 before being divested in 2019. The investment connected Waha Capital’s later investment strategy with its historical leasing expertise.
Brand decisions
2019
Exit from AerCap HoldingsStrategyBackground
After building its AerCap holding to 26.3% in 2014, Waha Capital chose to realize the investment.
Action taken
The company divested its AerCap stake.
Aftermath
The divestment generated a reported net gain of AED 40 million and reduced the company’s exposure to the aircraft-leasing investment.
Net gain on AerCap divestment. AED 40 million net gain (2019)
2014
Acquisition of National Petroleum ServicesM&ABackground
The company was broadening its holdings across energy services and multiple emerging markets.
Action taken
Waha Capital acquired a 90% stake in National Petroleum Services.
Aftermath
The transaction gave Waha Capital a controlling position in a business operating across the Middle East, Asia, and Central Asia.
2013
Acquisition of Anglo Arabian HealthcareM&ABackground
Waha Capital was expanding its direct investments into growth-oriented regional sectors.
Action taken
It acquired Anglo Arabian Healthcare, a group operating in three emirates.
Aftermath
The acquisition added healthcare to Waha Capital’s portfolio of regional operating-company investments.
2010
Investment in AerCap HoldingsStrategyBackground
Waha Capital had roots in aircraft leasing and was pursuing larger international investment opportunities.
Action taken
It acquired an initial 20% interest in NYSE-listed AerCap Holdings.
Aftermath
The holding later increased to 26.3% in 2014 and was ultimately sold in 2019.
2008
Acquisition of Stanford Marine GroupM&ABackground
Waha Capital sought exposure to regional commercial and infrastructure-linked sectors.
Action taken
It acquired 70% of Stanford Marine Group in Dubai.
Aftermath
The transaction expanded the portfolio into marine services and supported the company’s direct-investment strategy.
2007
Rebranding and strategic shift toward investment activitiesStrategyBackground
The company had originally operated as Oasis International Leasing Company, concentrating on leases of high-value assets.
Action taken
It adopted the Waha Capital name and broadened its business model toward direct investments, infrastructure funds, and regional portfolio management.
Aftermath
The rebrand established the company’s modern identity as a diversified investment group rather than a specialist leasing company.
Recent events
- 2019
Waha Capital divests AerCap stake at a net gain[1]
M&A · Other
Waha Capital divested its investment in AerCap Holdings and recorded a net gain of AED 40 million.
- 2015
Waha Capital launches second infrastructure fund[1]
Product launch
The company launched a second infrastructure fund with a stated value of US$500 million.
- 2014
Waha Capital acquires major stake in National Petroleum Services[1]
M&A
Waha Capital acquired a 90% stake in National Petroleum Services, whose activities covered several countries across the Middle East, Asia, and Central Asia.
- 2014
Waha Capital increases AerCap investment[1]
Other
Waha Capital’s ownership interest in AerCap had increased to 26.3% by 2014, following its initial investment in 2010.
- 2013
Waha Capital acquires Anglo Arabian Healthcare[1]
M&A
The company acquired Anglo Arabian Healthcare, a healthcare group operating in Abu Dhabi, Sharjah, and Ajman.
Sources2 sources
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