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ABU DHABI: The Board of Reem Investments PJSC, an Abu Dhabi-based diversified investment company, announced profits of AED785mn for FY 2009 at its Annual General Meeting on 6thApril 2010. This represents a return on equity of 19% for 2009. The company also reported a book value of AED 29.88 per share, an increase of 17% from 2008. The Directors approved a final dividend distribution of 10% of par value, equalling AED 1 per share.
Commenting on the financial performance of the Company, His Highness Sheikh Tahnoon Bin Zayed Al Nahyan, Chairman, Reem Investments, said:
“It is noteworthy that Reem’s pace of its real estate activities was unimpeded by the difficult financial environment. With zero debt and one of the strongest set of financial numbers among companies in Abu Dhabi, Reem will continue to proceed according to its original plans. By the end-2010, a substantial segment of its Najmat project will come to fruition, and on Rawdhat, more individual plot owners will be able to break ground on their respective projects in the second quarter of 2010.”
Managing Director Abdulhamid M. Saeed also commented:
“Reem adopted a conservative posture in last year’s operations. We have been patient with regards to investments and focused on our core competency in the real estate sector. This stance, together with our financial prudence in the last several years has placed us extremely well to withstand the pressures that the rest of the real estate sector is confronting. As a result, we have been able to keep to the original timeline in all our projects.
In 2010, as a result of the tight credit conditions, we envisage that there will be opportunities to acquire assets with good yields in the UAE and GCC. This will allow Reem to move a step closer to its vision of being one of the foremost real estate entities in the UAE.
Notes for Editors
About Reem Investments
Created in May 2005, Reem Investments is a dynamic investment company in Abu Dhabi with strategic interests in the UAE, the Gulf Cooperative Council (GCC) region and the world. Backed by over 30 prominent UAE based institutions and private investors, we are well established to develop, execute and manage investment strategies to expand our core business. We aim to create value and ensure strong financial returns by sourcing for the most attractive investment opportunities in established world capitals as well as investment centres in fast developing emerging markets.
As part of our growth strategy, we are dedicated to economic diversification by developing under the umbrella of Reem Investments, Reem Capital and Reem Real Estate.
Reem Investments is guided by a distinguished Board of Directors and managed by an experienced Management Team with diverse business backgrounds and a strong sense of corporate governance.
About Reem Developers
Reem Developers – the real estate arm of Reem Investments – is the masterplan developer for two mega projects – Najmat on Reem Island and Rawdhat along Airport Road. Comprising a total of about 60,000 sq ft GFA, these projects are on track and are making their mark on the Abu Dhabi real estate 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.
For media contact:
Hina Bakht
Vice President
MPJ (Marketing Pro-Junction)
Mob: +971 50 6975146
Commenting on the financial performance of the Company, His Highness Sheikh Tahnoon Bin Zayed Al Nahyan, Chairman, Reem Investments, said:
“It is noteworthy that Reem’s pace of its real estate activities was unimpeded by the difficult financial environment. With zero debt and one of the strongest set of financial numbers among companies in Abu Dhabi, Reem will continue to proceed according to its original plans. By the end-2010, a substantial segment of its Najmat project will come to fruition, and on Rawdhat, more individual plot owners will be able to break ground on their respective projects in the second quarter of 2010.”
Managing Director Abdulhamid M. Saeed also commented:
“Reem adopted a conservative posture in last year’s operations. We have been patient with regards to investments and focused on our core competency in the real estate sector. This stance, together with our financial prudence in the last several years has placed us extremely well to withstand the pressures that the rest of the real estate sector is confronting. As a result, we have been able to keep to the original timeline in all our projects.
In 2010, as a result of the tight credit conditions, we envisage that there will be opportunities to acquire assets with good yields in the UAE and GCC. This will allow Reem to move a step closer to its vision of being one of the foremost real estate entities in the UAE.
Notes for Editors
About Reem Investments
Created in May 2005, Reem Investments is a dynamic investment company in Abu Dhabi with strategic interests in the UAE, the Gulf Cooperative Council (GCC) region and the world. Backed by over 30 prominent UAE based institutions and private investors, we are well established to develop, execute and manage investment strategies to expand our core business. We aim to create value and ensure strong financial returns by sourcing for the most attractive investment opportunities in established world capitals as well as investment centres in fast developing emerging markets.
As part of our growth strategy, we are dedicated to economic diversification by developing under the umbrella of Reem Investments, Reem Capital and Reem Real Estate.
Reem Investments is guided by a distinguished Board of Directors and managed by an experienced Management Team with diverse business backgrounds and a strong sense of corporate governance.
About Reem Developers
Reem Developers – the real estate arm of Reem Investments – is the masterplan developer for two mega projects – Najmat on Reem Island and Rawdhat along Airport Road. Comprising a total of about 60,000 sq ft GFA, these projects are on track and are making their mark on the Abu Dhabi real estate 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.
For media contact:
Hina Bakht
Vice President
MPJ (Marketing Pro-Junction)
Mob: +971 50 6975146
