Abu Dhabi’s Waha Capital parts ways with CEO

Mohamed Hussain al Nowais, who is also chairman and managing director of Tama Investment & Development LLC, has been appointed as managing director of Waha, the company said in a bourse filing. (Courtesy of Waha)
Updated 12 June 2019

Abu Dhabi’s Waha Capital parts ways with CEO

  • Mohamed Hussain Al-Nowais has been appointed managing director of Waha
  • Al-Nowais has held roles at the Abu Dhabi Investment Authority and JPMorgan in New York

ABU DHABI: Abu Dhabi-based Waha Capital has parted ways with CEO Michael Raynes and named one of its board members as managing director, as the investment firm charts a new growth strategy, the company said on Tuesday.
A new CEO is currently being finalized, Waha said.
Mohamed Hussain Al-Nowais, who is also chairman and managing director of Tama Investment & Development, has been appointed managing director of Waha, the company said in a bourse filing.
On Monday, Reuters cited sources as saying that Raynes had left the company after serving a little more than a year in the role.
Al-Nowais has held roles at the Abu Dhabi Investment Authority (ADIA) and JPMorgan in New York.
Waha Capital and UAE-based Gulf Capital have held exploratory discussions regarding a merger, sources told Reuters last month.
Waha’s portfolio of investments includes stakes in aviation leasing firm AerCap Holdings, a major Middle East and North African oil and gas services provider and industrial real estate.
The senior management shake up comes as Waha is coping with changes and challenging market conditions in a slowing economy.
Its share price has tumbled 51 percent so far this year, according to Refinitiv data.
The company reported a first quarter loss of 57.8 million dirhams ($15.7 million).


Arab News recording exposes Nissan lawyer’s lie on IMF bailout for Lebanon

Updated 01 June 2020

Arab News recording exposes Nissan lawyer’s lie on IMF bailout for Lebanon

LONDON: Arab News has published the recording of an interview with a Nissan lawyer after he denied saying that a bailout of Lebanon by the International Monetary Fund (IMF) was linked to the extradition of fugitive tycoon Carlos Ghosn.

The former Nissan chairman fled to Beirut in December from Japan, where he faced charges of financial wrongdoing.

In a story published in Arab News Japan on Saturday, Sakher El Hachem, Nissan’s legal representative in Lebanon, said the multibillion-dollar IMF bailout was contingent on Ghosn being handed back to Japan. 

The lawyer said IMF support for Lebanon required Japan’s agreement. Lebanese officials had told him: “Japan will assist Lebanon if Ghosn gets extradited,” the lawyer said

“For Japan to agree on that they want the Lebanese authorities to extradite Ghosn, otherwise they won’t provide Lebanon with financial assistance. Japan is one of the IMF’s major contributors … if Japan vetoes Lebanon then the IMF won’t give Lebanon money, except after deporting Ghosn.”

On Sunday, El Hachem denied making the comments. “The only thing I told the newspaper was that there should have been a court hearing on April 30 in Lebanon, but it was postponed because of the pandemic,” he said. In response, Arab News published the recording of the interview, in which he can be clearly heard making the statements attributed to him. 

Japan issued an arrest warrant after Ghosn, 66, escaped house arrest and fled the country.