Reem Investments, an Abu Dhabi-based diversified investment company, today announced that it had closed the year 2007 with an enviable Dhs1.06bn, driven both by sales revenue and fair value gains, as compared to the Dhs205m recorded for the full year 2006.
Shareholders' equity for the year grew 85% to Dhs3.5bn from Dhs1.9bn in 2006. Total net asset value increased by 69% to Dhs5.3bn from Dhs3.1bn in 2006. Based on this outstanding performance the company's Board of Directors has proposed a dividend of 10%.
Commenting on the record figures, His Highness Sheikh Tahnoon Bin Zayed Al Nahyan, Chairman, Reem Investments, stated: 'The year 2007 has been both a milestone and remarkable year for the company. The year witnessed the company report remarkable financials, including an enviable net profit in excess of Dhs1bn. The year saw the company emerge into a fast-evolving and truly international investment company with a clear focus on leadership in highly attractive emerging markets especially in North Africa and Asia, in addition to its traditional Abu Dhabi base. This is a direct result of the global expansion strategy and the hard work and dedication of the team at Reem Investments.'
Elaborating on the excellent 2007 results, Mr Abdulhamid Saeed, Managing Director, Reem Investments, said: '2007 was a year in which we took advantage of all business opportunities through various investment vehicles. While we have concentrated on achieving solid financial results this year we have also focused on our future growth. We continued taking critical investment decisions and diversifying our investments in growing industries with promising results and solid growth. Furthermore, our overall results benefited from a positively growing economy attributed by high oil prices and strong investor confidence.
'Significantly, Reem Investments has also successfully through its subsidiary Reem Developers positioned itself as a major real estate developer in the local as well as regional market. Last year, we launched the Najmat Abu Dhabi project with 1.49 million sqm land on Reem Island, which had a strong response from investors and record sales and also included its residential district, Maysan. We have also succeeded with the launch of our second real estate development project called the Rawdhat Abu Dhabi,' Mr. Saeed added.
Commenting on future outlook, Mr Saeed stated: 'We foresee the strong economic growth in the real estate market continuing. The increased government investment in the infrastructure and expansion projects will support the growth of the private sector. Reem Investment is well-capitalized on the broad opportunities presented by the ongoing economic boom in the region and we are pursuing an ambitious expansion strategy in both local and international markets.
'Going forward, Reem Investments will continue its investment strategy of diversifying its investment portfolio and capitalize on the powerful trends shaping the industry both locally and internationally. In addition to further strengthening its real estate portfolio, Reem Investments will also continue its prudent plans of investing in the equity markets and in pre-IPO start-ups in high growth industries. Furthermore, in the coming year Reem Developers shall continue to play a key role in our investment strategy and will take on lead real estate projects to expand in North Africa and India,' Mr Saeed added.
Reem's mid to long-term investment strategy involves reaching out to countries like the USA, India, Pakistan, Turkey, Nigeria and Morocco due to their conducive investment atmosphere, besides also business expectations of growth being forecast for GCC and other target countries over the next decade. Additionally, these investments have been highly diversified and include sectors like oilfields, real estate, telecommunications, information technology and financial services. (AME Info)
Shareholders' equity for the year grew 85% to Dhs3.5bn from Dhs1.9bn in 2006. Total net asset value increased by 69% to Dhs5.3bn from Dhs3.1bn in 2006. Based on this outstanding performance the company's Board of Directors has proposed a dividend of 10%.
Commenting on the record figures, His Highness Sheikh Tahnoon Bin Zayed Al Nahyan, Chairman, Reem Investments, stated: 'The year 2007 has been both a milestone and remarkable year for the company. The year witnessed the company report remarkable financials, including an enviable net profit in excess of Dhs1bn. The year saw the company emerge into a fast-evolving and truly international investment company with a clear focus on leadership in highly attractive emerging markets especially in North Africa and Asia, in addition to its traditional Abu Dhabi base. This is a direct result of the global expansion strategy and the hard work and dedication of the team at Reem Investments.'
Elaborating on the excellent 2007 results, Mr Abdulhamid Saeed, Managing Director, Reem Investments, said: '2007 was a year in which we took advantage of all business opportunities through various investment vehicles. While we have concentrated on achieving solid financial results this year we have also focused on our future growth. We continued taking critical investment decisions and diversifying our investments in growing industries with promising results and solid growth. Furthermore, our overall results benefited from a positively growing economy attributed by high oil prices and strong investor confidence.
'Significantly, Reem Investments has also successfully through its subsidiary Reem Developers positioned itself as a major real estate developer in the local as well as regional market. Last year, we launched the Najmat Abu Dhabi project with 1.49 million sqm land on Reem Island, which had a strong response from investors and record sales and also included its residential district, Maysan. We have also succeeded with the launch of our second real estate development project called the Rawdhat Abu Dhabi,' Mr. Saeed added.
Commenting on future outlook, Mr Saeed stated: 'We foresee the strong economic growth in the real estate market continuing. The increased government investment in the infrastructure and expansion projects will support the growth of the private sector. Reem Investment is well-capitalized on the broad opportunities presented by the ongoing economic boom in the region and we are pursuing an ambitious expansion strategy in both local and international markets.
'Going forward, Reem Investments will continue its investment strategy of diversifying its investment portfolio and capitalize on the powerful trends shaping the industry both locally and internationally. In addition to further strengthening its real estate portfolio, Reem Investments will also continue its prudent plans of investing in the equity markets and in pre-IPO start-ups in high growth industries. Furthermore, in the coming year Reem Developers shall continue to play a key role in our investment strategy and will take on lead real estate projects to expand in North Africa and India,' Mr Saeed added.
Reem's mid to long-term investment strategy involves reaching out to countries like the USA, India, Pakistan, Turkey, Nigeria and Morocco due to their conducive investment atmosphere, besides also business expectations of growth being forecast for GCC and other target countries over the next decade. Additionally, these investments have been highly diversified and include sectors like oilfields, real estate, telecommunications, information technology and financial services. (AME Info)
No comments:
Post a Comment