By Monika Grzesik
The Abu Dhabi Investment House reports a 375% increase on 2005.
Abu Dhabi Investment House has announced 2006 net profits of US $40.9m (AED150m), an increase of 375% from the previous year of $10.9m (AED 40m).
The profit represents 75% Return on Equity for ADIH shareholders for the year 2006. Shareholder Equity, originally issued at $54.5m (AED 200m) in late 2005, now stands at $104m (AED 382m), representing an increase of 91% after 15 months of operation.
ADIH was involved in a number of investment activities in 2006. The $120m Bahrain Lagoon Project, a commercial development on Amwaj Islands, was introduced and is on target for handover this year; Lebanon's Beirut Gate project, valued at $600m was launched, and Entertainment City, a $300bn tourist attraction in Qatar was launched by way of a $500m fund established with strategic partner Qatari Diar for the infrastructure phase of the project.
ADIH plans to continue with its established investments in 2007, as well as offering a number of new regional and global investment opportunities. Scheduled for 2007 is the establishment of Al Maha for Investment & Development, an Abu Dhabi based $54.5m private joint stock company set up with strategic investors. Following the launch last year of a $202.6m (Euro154) fund to leverage assets worth $789.4m (Euro600m) in Germany, ADIH will also set up and operate a Geneva based asset management company this year.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.