Monday, Apr 04, 2016
Abu Dhabi: Reem Investments, an Abu Dhabi-based investment firm, reported a net profit of Dh211 million for 2015, marking a nearly 14 per cent drop compared to the Dh245 million reported for 2014.
“During 2015, where oil prices and UAE equities were down, the investment portfolio made an effective contribution to the net profit. The company is also in advanced stages in commencing new development projects that will boost its recurring revenue stream,” said Abdul Hamid Saeed, managing director of Reem Investments.
During its annual general meeting on Sunday, the company approved a 12 per cent cash dividend — up from 10 per cent for 2014.
In mid-February, a company spokesman told reporters that Reem Investments had seen a slowdown in demand for residential property in the fourth quarter of 2015 as lower oil prices weighed heavily on investor appetite.
Saeed Al Yabhouni, the company’s vice-president of strategic development, added that despite the slowdown last year, he expected the market to see a boost in 2016 on the back of the latest property law.
The new law, Number 3 of 2015 regulating Abu Dhabi’s real estate sector, took effect from January 2016, and Al Yabhouni said he expected it to boost both investors’ and developers’ sentiment.
Staff Report
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