Abu Dhabi-based Reem Investments posted a profit of $283 million for 2007, compared to $55.81 million recorded during the previous year, a report said.

Shareholders' equity for the year grew 85 per cent to $953 million from $517 million in 2006. Total net asset value increased by 69 per cent to $1.44 billion from $844 million in 2006. Based on the strong performance the company 's board of directors has proposed a dividend of 10 per cent, said the Khaleej Times report.

Shaikh Tahnoon bin Zayed Al Nahyan, chairman, Reem Investments, called the year  'a milestone and remarkable ' for the company.