UAE Equity Research - Al Waha Capital 4Q25 - First Look Note
Effective 1 October 2025, Waha Capital updated its financial reporting framework to better align with its investment-led structure, presenting investments at fair value instead of consolidating them line by line. Total Assets under Management (AUM) stood at c. AED 10.8 Bn in 4Q25, including third party AUM of AED 7.1 Bn,