Abu Dhabi Investment House P.J.S.C. (ADIH), a leading Middle East based financial institution today announced 2006 net profits of AED150 million, an increase of 375% from the AED40 million achieved in 2005.
The profit for 2006 represents 75% Return on Equity for ADIH shareholders for the year. Shareholder Equity, originally issued at AED200 million in late 2005, now stands at AED382 million, representing an increase of 91% after 15 months of operation.
Established in September 2005, ADIH offers a broad range of investment opportunities including wealth management, private equity investments, fund management and real estate investments. ADIH continues to leverage its expertise to offer value driven and growth focused strategic investments in the local, regional and global markets.
Mr. Rashad Janahi, Chief Executive Officer, ADIH said: “The 2006 net profit demonstrate that ADIH is one of the region’s leading financial institutions and we are delighted that we are delivering results to our investors and shareholders. ADIH investment professionals provide some of the best, most innovative and high yielding investments available. Our strategic focus together with market understanding builds results for investors, partners and employees as well as the economic infrastructure of the Middle East and elsewhere.”
Known as Masrafy, ADIH is to establish and operate the first Islamic investment bank for women in Bahrain following the grant of an “In-Principle” licence by the Central Bank of Bahrain. Also scheduled for 2007 is the establishment of Al Maha for Investment & Development, an Abu Dhabi based AED200 million private joint stock company set up with strategic investors.
Reaching outside the Middle East and following the successful launch in 2006 of a Euro154 million fund to leverage assets worth Euro600 million in Germany, ADIH will set up and operate a Geneva based asset management company in 2007. Mr Janahi added, “ADIH continues its robust approach.”
Reflecting on 2006, Mr Rashad Janahi commented, “ADIH enjoyed a number of significant milestones across the range of investment activities and financial services offered.” The Bahrain Lagoon Project, a US$120 million commercial development on Amwaj Islands is on target for handover in 2007 after being introduced in 2006. Lebanon’s Beirut Gate project, valued at US$600 million was launched, and Entertainment City, an innovative project worth US$3 billion, which raises the bar for tourism in Qatar, was launched by way of a US$500 million fund established with strategic partner Qatari Diar for the infrastructure phase of the project.
Mr Janahi added, “ADIH has proved its ability to compete across the region in financial services and deliver results. The foundations are laid and a great team has been built. Profits are excellent and investors keep investing with ADIH.”
ADIH currently employs over 60 staff and continues to expand its team by bringing in world-class talent, while continuously investing in its people. ADIH is committed to diversity whilst fostering national talent. Mr Janahi said, “ADIH achieves its results because it knows that its people, their skill, expertise and experience matter and I would like to acknowledge and thank the ADIH team. On behalf of ADIH I would also like to thank the UAE Central Bank for their continued encouragement and thank our clients, the ADIH investors and shareholders, for their continued confidence, trust and support.”
