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Reem Investment posts AED1.12 billion profit in 2008

ABU DHABI – The Board of Reem Investments PJSC, an Abu Dhabi-based diversified investment company, has announced a profit of AED1.12 billion for fiscal year 2008. The announcement was made at its annual general meeting held on 24th March 2009.

The annual general meeting approved a cash dividend distribution of 20% of par value, equalling AED 2 per share. Revenue growth in 2008 climbed 85% over the previous year's.

Commenting on the financial performance of the Company, His Highness Sheikh Tahnoon Bin Zayed Al Nahyan, Chairman, Reem Investments, expressed profound happiness and pride on the achievement. "In terms of financial results, I am proud to present Reem Investments' full year results indicating a remarkable performance considering the global financial crisis in the second half of 2008," he said, adding "Profits have topped over a billion Dirhams for a second year running. Going forward, Reem Investments will focus on its ongoing development and tapping on new business opportunities that may arise adding value to its future long term investments." Also commenting on the achievement, the company's Managing Director, Abdulhamid M. Saeed, expressed great confidence in the continuous growth of the company. "In 2009, Reem Investments will continue to grow as planned. We continue to make good progress in our projects at Najmat, Maysan and Rawdhat with infrastructure construction well under way. Plots of land have been handed over to different developers to start construction," he said "On the investment front, we will continue to invest in the UAE and the GCC region because of our home-ground advantage as well as the untapped opportunities in such markets. We are also working towards diversifying our investment and development activities and exposure in other new regions and sectors. We will continue to maintain a prudent posture with regard to operational efficiency as we grow the business and expand regionally," he added.

He pointed out that Reem Investments will build on its sound financial performance of 2007 and 2008 and will continue to focus on its two core businesses of investments and real estate. "In 2009, Reem Investments will look to expand its investment portfolio by tapping on new investment opportunities in the emerging markets," he said.

On the real estate front, he noted that Reem Developers, the real estate arm of Reem Investment's two mega projects, the Najmat and Rawdhat are on track, and making their mark on the Abu Dhabi landscape in terms of creativity, design and functionality. Reem is committed to ensuring that its developments are best in class and to the highest international standards of planning, management and execution.