Sunday, May 15, 2011
Gulf News
Abu Dhabi Reem Investments announced profits of Dh238.7 million for 2010 at its annual general meeting last week.
The privately-held company, which has a paid up capital of Dh1.555 billion, revealed that the figure represented a 5 per cent return on equity for investors.
“Reem Investments was able to put in a strong performance as a result of conservative measures we had taken in previous years to protect ourselves from market forces,” said Reem Investment’s Chairman, Shaikh Tahnoun Bin Zayed Al Nahyan.
“These measures included our master development policy to sell land plots to strong established players as well as our decision not to revalue our land at Najmat Abu Dhabi during the boom times in order to post healthier profits.”
He added that Reem Investments — which is responsible for the Najmat and Rawdhat megaprojects in Reem Island and Airport Road, Abu Dhabi — was in an excellent position to move forward into 2011.
In his annual report, Managing Director Abdul Hamid Saeed explained that Reem gave priority to the successful execution of the infrastructure works on its projects.
In April 2010, the company successfully completed the infrastructure works in Rawdhat, which is being undertaken in the UAE capital by its real estate arm, Reem Developers, and by the end of 2010, Reem had completed 90 per cent of the Phase 1 infrastructure at Najmat as well as Phase 2 infrastructure works, which included the beaches at the Reem Island project.
Abdul Hamid also said that on an investment front Reem had maintained a conservative approach. In 2010 the investment team contributed Dh49.6 million to the group income through the sale and realisation of its investments.
Staff Report
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