ADIH announces huge 2006 net profit

The Abu Dhabi Investment House reports a 375% increase on 2005.
ADIH announces huge 2006 net profit
By Monika Grzesik
Mon 12 Mar 2007 02:22 PM

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.

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