Waha Capital's Nine-Month Profit Rises 10% to Dh376 Million on Fund Inflows

Group assets under management reached Dh14.1 billion at September 30, the company said in a statement. Third-party money now accounts for Dh8.7 billion ($2.4 billion), after its funds took in more than $400 million, about Dh1.5 billion, in gross subscriptions during the period.

That shift matters for Waha. Fee income from managing other people's money recurs year after year, while gains on its own investments depend on markets.

In the part of its statement covering public markets, Waha said the business generated net profit of Dh340 million, up 17% from Dh290 million, on total income of Dh429 million, of which Dh206 million was fees. Total public markets assets, including the company's own capital, stood at Dh12.7 billion ($3.4 billion).

Its flagship funds all beat their reference indices, Waha said. The Waha Emerging Markets Credit Fund SP returned 7.3% net in the period, the Waha MENA Equity Fund SP returned 5.1%, and the Waha Islamic Income Fund SP was steady, with a cumulative return of 37.5% since launch.

Borrowings were Dh544 million, broadly unchanged from the end of 2025. Cash and bank balances stood at Dh324 million, and the company also has a large undrawn revolving credit facility.

"Despite a challenging market environment, we have delivered positive investment returns and made meaningful progress across our businesses," managing director Mohamed Hussain Al Nowais said. He said the company would focus on realising value from its private investments portfolio and delivering its real estate pipeline, which includes an industrial and logistics development programme.