Shares in Waha Capital have soared more than 12 per cent in the past three days on the back of much higher trading volumes, marking one of the sharpest share gains among heavily traded stocks this year. The state-backed company is raising US$1.5 billion (Dh5.51bn) in bonds on behalf of the UAE Armed Forces for the acquisition of military aircraft from Boeing and Lockheed Martin, and market speculation on the share gains has centred on the prospects of Waha nearing the completion of its military aircraft financing deal.
Officials from Waha, however, have declined to comment on the deal, or the recent stock gains. "Our clients are asking what is going on," said Alfred Fayek, the managing director at EFG-Hermes brokerage based in Dubai. "No one seems to know anything at all." Waha shares have been the most heavily traded on the Abu Dhabi Securities Exchange over the past two days. The recent volatility of the shares follow other unexplained runs on local equities that analysts attribute to the fact that retail investors, rather than institutional buyers, form the bulk of the investing community at the moment.
This has driven shares up and down sharply in recent months, often due to market rumours rather than any aspect of a company's fundamentals. "Retail investors now take a larger role in the daily market activities," said Mr Fayek. Last month, Dana Gas shares experienced strong selling pressure that drove the price downward by 6 per cent without any concrete news from the company. In the same month, Deyaar surged more than 13 per cent in one day.
Waha shares are up more than 30 per cent in the past month. The previous spike was sparked by the company's announcement that a subsidiary in the Netherlands, Waha Aerospace, announced plans to raise bonds worth $1.5bn to be guaranteed by the Abu Dhabi Government. The bonds are to be used to help fund the C-17 and C-130 deals. Waha Capital was created as Oasis Leasing in 1997 as an aircraft leasing firm and counted BAE Systems and Abu Dhabi Investment Company as shareholders. It rebranded itself in 2007, forming a joint venture with Blenheim Capital Services and taking on the Waha brand.
The company has since expanded its leasing portfolio to include shipping and district cooling as well as increasing its financial services capabilities. In February last year, Waha was mandated to arrange the financing for 18 military aircraft for the UAE Air Force, comprising six Boeing C-17s and 12 Lockheed Martin C-130s, worth an estimated Dh12bn. In January, it closed the first tranche of financing for C-17 aircraft totalling Dh6.2bn, syndicated by eight banks.
A second tranche of funding for the C-130s is dependant on the Armed Forces finalising the contract with Lockheed Martin. Salem al Noaimi, the chief executive of Waha Capital, said in March he hoped the company would secure "at least one or two acquisitions" by the end of the year.
halsayegh@thenational.ae
igale@thenational.ae
SRI LANKA SQUAD
Upul Tharanga (captain), Dinesh Chandimal, Niroshan Dickwella
Lahiru Thirimanne, Kusal Mendis, Milinda Siriwardana
Chamara Kapugedara, Thisara Perera, Seekuge Prasanna
Nuwan Pradeep, Suranga Lakmal, Dushmantha Chameera
Vishwa Fernando, Akila Dananjaya, Jeffrey Vandersay
Dr Afridi's warning signs of digital addiction
Spending an excessive amount of time on the phone.
Neglecting personal, social, or academic responsibilities.
Losing interest in other activities or hobbies that were once enjoyed.
Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.
Experiencing sleep disturbances or changes in sleep patterns.
What are the guidelines?
Under 18 months: Avoid screen time altogether, except for video chatting with family.
Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.
Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.
Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.
Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.
Source: American Paediatric Association
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
Voices: How A Great Singer Can Change Your Life
Nick Coleman
Jonathan Cape
The specs
Engine: 3.8-litre twin-turbo flat-six
Power: 650hp at 6,750rpm
Torque: 800Nm from 2,500-4,000rpm
Transmission: 8-speed dual-clutch auto
Fuel consumption: 11.12L/100km
Price: From Dh796,600
On sale: now
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
MATCH INFO
Inter Milan v Juventus
Saturday, 10.45pm (UAE)
Watch the match on BeIN Sports
Going grey? A stylist's advice
If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”
In numbers
Number of Chinese tourists coming to UAE in 2017 was... 1.3m
Alibaba’s new ‘Tech Town’ in Dubai is worth... $600m
China’s investment in the MIddle East in 2016 was... $29.5bn
The world’s most valuable start-up in 2018, TikTok, is valued at... $75bn
Boost to the UAE economy of 5G connectivity will be... $269bn
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
