Abu Dhabi’s Waha Capital has secured a $500m revolving credit facility from twelve local and international banks.

The loan has a five year tenor, and replaces a $375m revolving credit facility from 2014.

Local First Gulf Bank (FGB) was the sole coordinator. FGB and Abu Dhabi Commercial Bank were book runner and mandated lead arrangers. Commercial Bank of Dubai was a lead arranger. Dubai’s Emirates NBD, local Union National Bank, National Bank of Fujairah, Qatar’s Doha Bank, Japan’s Nomura International, the UK’s HSBC, Dubai’s Commercial Bank International, Malaysia’s Malayan Banking Berhad and Turkey’s GarantiBank International were arrangers.

“Waha Capital has secured excellent terms for our new long-term credit facility, signaling confidence in the company’s growth strategy among our long-term financial partners,” Salem Rashid Al Noaimi, CEO and managing director of Waha Capital, said in a press release. “Thanks to our prudent approach to financial management, the company is in a strong position to invest further to diversify our assets and income streams, including through our new asset management business.”

The investment company posted a net profit of AED306m in the first half of 2016, a 12.4 per cent fall on the same period of 2015.