Dubai – Mubasher: Waha Capital has cancelled plans to create an AED 1.1 billion ($300 million) private equity fund.
The Dubai-listed company is considering a new strategy regarding its private equity business, informed sources told Reuters.
“Waha Capital had some investors signed up for the fund but halted its strategy as it wants to focus on a deal-by-deal basis,” the international news agency reported, citing a source as saying.
Waha declined to give any comment on the matter.
Regionally, investors’ demand for private equity funds was compromised due to Abraaj’s confidence crisis, following allegations about a potential misuse of money.
“It was difficult to raise money, generally in the last two years and Abraaj has made it more difficult,” another source said, as Reuters revealed.
Earlier in June, Deloitte, the global accounting firm announced that Abraaj commingled about AED 348.93 million ($95 million) following a cash shortage.
