"These investments have been highly diversified and include sectors such as oilfields, real estate, telecommunications, information technology and financial services", said AbdulHamid Saeed chairman of Reem Investments, while speaking on the sidelines of the Cityscape Exhibition in the capital yesterday. He said that in keeping with its vision to be a truly diversified global investment company, Reem Investments set up in 2006, a wholly-owned subsidiary 'Reem Developers' to take advantage of the booming local and international property markets. Chairman Reem Investments said that the company has reported excellent financial results for the year 2006, recording a 107 per cent rise in net profit for the year 2006 to Dh205 million.
Total assets also recorded a jump of 69 per cent to Dh3.1 billion compared to financial year 2005. Speaking about his company's flagship project 'Najmat Abu Dhabi, a world-class mixed-use development on Al Reem Island, he said the project is progressing well with most infrastructure already in place. "Infact we are ahead of schedule with 86 per cent of all grading work being completed", he said.'The Najmat project has not only been well received in the local markets but has also generated significant regional and international interest. We have received several queries on the Mall plot, which has had very positive implications for the front row of the plots. Most plots in Phase I are under various stages of discussions and these include the marina plots, canal and front row plots,' Saeed said. In February 2007, Dh201 million marine works contract was awarded to China Harbour Engineering Co. L.L.C. in February 2007, while the awarding of the regional roads contract will be undertaken soon.