Abu Dhabi-headquartered Al Waha Capital PJSC plans to hire more staff to drive its objective of increasing third-party assets under management, CEO Michael Raynes told Bloomberg News.

The company's strategy lies in firming its fee income by raising third-party assets under management, Raynes said.

The company plans to expand fund offerings to the U.S., Europe and Asia, apart from catering to the local markets.

Currently, Al Waha Capital has assets under management amounting to 2.4 billion United Arab Emirate dirhams and is in the process of reorganizing its fund-marketing division to boost investment. Offerings could include a fund tailored for sharia-compliant investments, Raynes added.

Raynes refuted a June report that claimed Waha Capital had cancelled plans to raise a $300 million private equity fund, saying the group had never established any fundraising targets and was instead choosing a co-investment approach.

Mubadala Investment Co. owns a 14% stake in Al Waha Capital, the July 4 report added.

As of July 5, US$1 was equivalent to 3.67 U.A.E. dirhams.