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Al Qudra earns Dh703 million profits in 2007

The board of directors recommended distribution of a 45 per cent dividend to shareholders. The financial assessment conducted reflected many financial achievements including an increase of total assets from Dh2.063 billion end of 2006 to Dh3.360 billion as at Decem,ber 31, 2007, marking an increase of 63 per cent.

Shareholders' equity increased from Dh1.441 billion to hit Dh2.299 billion or a 60 per cent increase compared with year-end 2006. The share equity also rose by 10.4 per cent from Dh1.06 to Dh1.17 over the same period.

Salah Salem bin Omeir Al Shamsi, chairman and managing director of Al Qudra Holding said, "The company has grown geographically over the last 12 months and we have taken advantage of investment opportunities in Morocco, Algeria, Mauritania, Egypt, Syria, Senegal, Yemen, Eritrea, and many other countries."

Al Shamsi added: "Al Qudra Holding has already opened offices in many parts of the world. We also have many other projects that are still being studied and will be announced soon."

The ordinary and extraordinary general assembly meeting is scheduled for February 19 at at Beach Rotana Hotel.

Al Qudra Holding has signed an MoU with the Mauritanian government recently to open up new avenues for cooperation and mutual gain.

Present during the signing were Salah Salem Al Shamsi, chairman and managing director of Al Qudra Holding and Mohammad Abdullah Weld Eyyaha, Director of Mauritania's Investment Development Authority.

The MoU aims at exploring business opportunities by making investments in infrastructure, real estate, fishing, agriculture and tourism.