Abu Dhabi’s Waha Capital CEO leaves

The chief executive of Abu Dhabi-based Waha Capital has left the company after serving a little more than a year in that role, three sources familiar with the matter said on Monday.

Michael Raynes was appointed to lead the company in late March 2018, after holding several senior positions at Waha over the last decade.

A spokesman for Waha declined to comment, saying that as a publicly listed company, any announcement would have to go through the right channels. Raynes did not answer his phone.

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.

Raynes’ departure comes at a time 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 2019 loss of Dhs57.8m ($15.7m).