Abu Dhabi based diversified investment company Waha Capital’s subsidiary, Waha Maritime has received a US$32 million structure Islamic lease or Ijara from Abu Dhabi Islamic Bank (ADIB) for its marine and chartering operations arm, Waha Offshore Marine Services (WOMS).
The arrangement will go towards funding the acquisition of up to six Offshore Supply Vessels (OSVs) for WOMS and represents an important milestone for Waha Maritime in its expansion in the OSV sector.
According to Waha, one of the unique features of this deal is ADIB’s ability to structure a Shari’a compliant junior finance with limited recourse through a unique Shari’a compliant Ijara structure with a combination of base profit rate and equity upside. This provides a facility tailored to meet Waha Maritime’s business requirements and growth aspirations.
Salem Al Noaimi, CEO, Waha Capital, said: “This financing deal will further support Waha Capital’s growth aspirations in the oil and gas services industry. Over the last three years, Waha Maritime has built a significant offshore supply vessel (OSV) operations catering to the oil and gas industry in the Gulf, Middle East, Caspian, and South East Asia and this new facility will further facilitate the expansion of our business. We are very pleased to partner with ADIB, whose innovative structuring and execution expertise has facilitated the special financing needs of Waha Maritime.”
Commenting on the agreement, Nuhad Saliba, global head of Wholesale banking said: “Our partnership with Waha Maritime builds on our expertise and vision to expand the strategic UAE Oil & Gas sector. Waha Capital is a major investment conglomerate focused on strategic sectors of the UAE economy namely aviation, maritime, real estate and financial services. Waha’s expansion in the offshore supply vessels’ industry bodes well for the growth and development of the UAE economy.”
