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Expats allowed to buy ADNH shares

ABU DHABI — The shareholders of Abu Dhabi National Hotels (ADNH), yesterday approved the recommendation of the board to allow expatriates to buy shares of the company upto a maximum of 25 per cent of issued share capital.

The Ordinary and Extraordinary General Assembly was held yesterday under the chairmanship of Khalifa

Nasser bin Huwaileel Al Mansoori. Other who attended included the senior management and board members.

The Chairman stated that prudent economic and social policies pursued by the UAE continues to have a positive effect on the development of the company.

He stressed that the work of Abu Dhabi Tourism Authority, Etihad Airways and large investments in the real estate industry have been a significant boost to Abu Dhabi's travel and tourism sectors.

The Annual General Assembly ratified the company's financial report for 2005 which showed Dh332 million

in profits — an increase of 40 per cent compared to 2004.

The basic earning per share reached Dh0.92 compared to Dh0.66 in 2004. Total shareholders' equity reached Dh2.6 billion compared to Dh1.7 billion in 2004, representing growth of 50 per cent.

The company saw excellent performances from its hotels division in 2005; the renovation of Le Meridien is expected to be completed by the end of April.

The group's international hotels achieved profits growth of 43 per cent. The occupancy at Al Diar hotels reached 90 per cent, which helped generate a 55 per cent leap in profits for the Al Diar brand.

ADNH signed a hotel management agreement in 2005 with ACCOR to operate its 450-room property in Jumeirah under the Sofitel brand.

Plans to build a new property on the site of the Gulf Hotel in Abu Dhabi were also announced last year. The project is valued at Dh500 million.