Abu Dhabi's Waha Capital will increase its Dh20 billion ($5.45 billion) investment plan, mainly in the real estate sector despite tightening credit conditions in the United Arab Emirates.

Speaking on the sidelines of a conference, Samer Alhaj, the company's chief executive officer told Reuters funds for expansion would be 'revised quite substantially upwards,' declining to say by how much.

Waha Capital, formerly Oasis International Leasing Company, said in February it planned to invest Dh15 billion in the real estate sector.

The firm changed from a solely leasing company into an
investment company earlier this year with four subsidiaries, including real estate, financial services, leasing and maritime.

Alhaj said the company had not been affected by the global credit crisis, adding that its $500 million revolving credit facility signed with eight banks in late 2007 was still available.

'It (the investment increase) will come at least when we have an approved masterplan for our six squared kilometre piece of property and beyond that if we have any projects attached to Waha Land, ' he said.

The firm was also considering potential mergers and acquisitions in sectors other than real estate, he said, declining to give details.

In July, Waha Maritime bought a 49-per cent stake in oil and gas fabrication and offshore services company GMMOS Group from Dubai's Abraaj Capital, in a bid to develop its maritime business. Shares of Waha, down 43 per cent this year, closed 4.29 per cent lower on Wednesday.-Reuters