Reem Investments, an Abu Dhabi-based diversified investment company, posted profits of Dh1.12 billion ($305 million) for 2008.

The company also approved a cash dividend of 20 per cent of par value, equalling Dh2 per share. Revenue growth in 2008 climbed 85 per cent over the previous year.

'Reem Investments’ full year results indicate a remarkable performance considering the global financial crisis in the second half of 2008,' said Sheikh Tahnoon Bin Zayed Al Nahyan, chairman, Reem Investments.

'Profits have topped over a billion dirhams for a second year running. Going forward, Reem Investments will focus on its ongoing development and tapping on new business opportunities that may arise adding value to its future long term investments.'

'We continue to make good progress in our projects at Najmat, Maysan and Rawdhat with infrastructure construction well under way. Plots of land have been handed over to different developers to start construction,' added managing director Abdulhamid M Saeed.

'We are also working towards diversifying our investment and development activities and exposure in other new regions and sectors.'-TradeArabia News Service