Waha reported a net profit of AED407mn for 2016, compared to AED588mn a year ago. The company’s board recommended a cash dividend AED0.20/share. Waha said that the capital markets division recorded a strong rise in income, with credit and equities funds continuing to outperform. Some assets managed by Waha’s principal investments division made lower contributions partly due to one-off provisions. Waha received lower income contributions reported from Dubai-based consumer finance firm Dunia Group and oil and gas services company Stanford Marine Group, as they were both affected by challenging operating environments for their businesses. (Bloomberg)