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									30 Gulf Daily News Monday, 23rd March 2009




                                                                                                                    In association with www.tradearabia.com


ADIH net profit surges 18pc to $71 million
MANAMA: Abu Dhabi Investment                Jowa’an Awaidha Al Khaili.                 ADIH expansion into various diversi-      investments in ADIH overall funds          opportunities where possible,” said
House (ADIH) made a net profit of              “This is attributed to clear strategy   fied sectors and markets.                 and projects. Total equity for last year   managing director Rashad Janahi.
260 million UAE dirhams ($71 mil-           and business model focused on identi-         Total income for last year at 427m     rose by 63pc reaching 984m dirham,            “All this, despite current strained
lion) last year.                            fying unique investment opportunities      dirham, was a 36pc year-on-year           recording 1.27 dirham earnings per         financial market conditions. ADIH
   It was an 18 per cent year-on-year       for growth in new sectors.                 increase, achieving a net profit of       share in comparison to 1.10 dirham         risk management tools, complement-
increase from 2007. The board has              “Extensive research and due dili-       260m dirham compared to 220m              earnings per share last time.              ed with extensive market study and a
approved the distribution of a 40pc         gence coupled with a strong relation-      dirham recorded the previous year.           “Our exceptional 2008 results fur-      team of experts, further assisted in
cash dividend at 0.40 dirham per share.     ship with our investors and govern-           The balance sheet grew at 1.542 bil-   ther demonstrate ADIH’s fast and           making ADIH products more attrac-
   ‘We are very pleased with the 2008       ments where ADIH operates, are all         lion dirham – an increase of 81pc.        steady growth in light of the board’s      tive to investors and successfully posi-
exceptional results, despite current        vital factors in our success.”                This reflected strong business         clear strategy, as we continue to diver-   tioning ADIH as a major player in the
market conditions,” said chairman              This fiscal year’s results reflect      growth driven by an increase in client    sify our portfolio and seize major exit    regional market.”

                                                                                                                                                                                   Seminar tips

  RIDING RECESSION
        By SOMAN BABY
  MANAMA: Gulf Air is
                                                                                                                                               ities,” he said.
                                                                                                                                                  This is first of the four air-
                                                                                                                                               craft leased from Jet Airways.
                                                                                                                                                                                   on fighting
                                                                                                                                                                                   ‘dirty money’
                                                                                                                                                                                   MANAMA:             Bahrain-based
                                                                                                                                                                                   CrediMax organised a training
                                                                                                                                                                                   seminar on money laundering
  taking advantage of the                                                                                                                      Two more will arrive later this     for its staff.
                                                                                                                                                                                      It was conducted by the
  global economic reces-                                                                                                                       month, and the fourth one in        Bahrain Financial Services
  sion to aggressively                                                                                                                         May.                                Training Centre at the Crowne
  renew its fleet, chairman                                                                                                                       “We have ambitious growth        Plaza.
  Talal Alzain said yester-                                                                                                                    plans as we expect more air-           The training aimed to educate
  day.                                                                                                                                         craft joining us progressively      the employees about the concept,
     This is an ideal time to                                                                                                                  from this year onwards,” said       consequences and how to detect
                                                                                                                                               Mr Näf.                             money laundering in financial
  order new aircraft as many                                                                                                                                                       institutions was conducted by
  international airlines have                                                                                                                     “Gulf Air now operates 840
                                                                                                                                               flights a week to 42 destina-       Professor Bushra Haddad, a spe-
  stopped or delayed their                                                                                                                                                         cialist in the field.
  deals with aircraft manufac-                                                                                                                 tions in 27 countries.                 The term money laundering
  turers, he said.                                                                                                                                “To connect Gulf to the rest     means any financial transaction,
     “In preparation to renew-                                                                                                                 of the world, we have signed        which generates an asset or a
  ing the fleet with 59 most                                                                                                                   code sharing agreements with        value as the result of an illegal
  modern aircraft – 35 Airbus                                                                                                                  15 international airlines.”         act. It is well known as an opera-
                                                                                                                                                  Deputy chief executive offi-     tion aimed at concealing the true
  and 24 Boeing – we have                                                                                                                                                          source of the funds and provid-
  leased four new Boeing 777-                                                                                                                  cer Ismail Karimi described
                                                                                                                                               the future of Gulf Air as very      ing them legitimacy via various
  300ER aircraft,” said Mr                                                                                                                                                         means.
  Alzain.                                                                                                                                      bright.                                “Due to the serious nature of
     He was speaking on the                                                                                                                       “Since Talal Alzain took         the offenses that are committed
  sidelines of a ceremony                                                                                                                      over as chairman of the board,      under money laundering, it is of
                                   ■ At the cake-cutting ceremony are, from left, Mr Karimi, Mr Näf, General Organisation for Youth            the airline is being looked at      prime importance that we as
  organised by Gulf Air for an     and Sport president Shaikh Fawaz bin Mohammed Al Khalifa, Mr Alzain, Civil Aviation Affairs
  exclusive preview of the                                                                                                                     as a commercial entity,” he         financial organisations support
                                   Under-Secretary Captain Abdulrahman Al Gaoud, CAA assistant under-secretary for aviation                                                        and assist our government to
  first Boeing 777-300ER to                      services Ahmed Nemat Ali, and Gulf Air board member Adel Kanoo                                said.
                                                                                                                                                  “The fleet renewal is a part     combat this phenomenon,” said
  members of the media and                                                                                                                                                         CrediMax compliance officer
  invited guests.                                                                                                                              of that exercise. The Boeing        Mahmood Muslim.
     “Though Gulf Air hoped                                                                                                                    777ER are being secured as
                                                                                                                                               the best available option in a
  to achieve a break-even by
  2010-2011, things have
  changed because of the cur-
                                                                                                                                               transition stage, as we can start
                                                                                                                                               taking delivery of the new
                                                                                                                                                                                    Energy talks
  rent economic conditions,”                                                                                                                   Boeing aircraft under a major       MANAMA: Oil and Gas Affairs
  said Mr Alzain.                                                                                                                              contract for 24 Boeing 787s         Minister and National Oil and
                                                                                                                                               only by 2016.                       Gas Authority chairman Dr
     “However, we are work-                                                                                                                                                        Abdulhussain Mirza yesterday
  ing within to take advantage                                                                                                                    “Meanwhile, we shall take        received Chevron Corporation
  of the current economic                                                                                                                      delivery of 15 A320s and 20         president Jeet Bindra and dis-
  recession to renew our fleet.                                                                                                                A330s in the coming months          cussed co-operation.
     “This year, we are taking                                                                                                                 and years.”
  delivery of four Boeing                                                                                                                         Gulf Air’s current fleet con-
  777s, four A330s and five                                                                                                                    sist of 30 aircraft – one
  A320s.”                                                                                                                                      Boeing 777, 10 A320s, two A
     In a function held at                                                                                                                     321, two A319, six A330 and
  Bahrain          International                                                                                                               nine A 340.
  Airport, Gulf Air chief exec-                                                                                                                   The majority of them will be
                                   ■ Officials after a tour of the new aircraft, from left, Mr Kanoo, Bapco chief executive Abdulkarim                                                   pening day of the three-
  utive officer Björn Näf wel-
  comed the VIPs, airport and
  civil aviation authorities,
                                      Al Sayed, Mr Näf, Shaikh Fawaz, Mr Zain and BDB chief executive officer Nedhal Al Aujan
                                   60 years, national carrier Gulf      well known for its hallmark         new aircraft is another impor-
                                                                                                                                               replaced with new ones in the
                                                                                                                                               coming years, said Mr Karimi.
                                                                                                                                                  He revealed that a major
                                                                                                                                               programme has been launched
                                                                                                                                                                                   O     day Maritime Security
                                                                                                                                                                                         and Coastal
                                                                                                                                                                                    Surveillance summit at the
  guests and members of the        Air shares a great synergy with      Arabian hospitality offering        tant step forward in this direc-                                        Diplomat Radisson SAS
  media and gave an overview       Bahrain’s ‘Vision 2030’ as our       innovative products and ser-        tion as we constantly endeav-      for the training of Bahraini         Hotel, Residence and Spa.
  of the B777 aircraft as well     own growth strategy reflects         vices to its customers. The         our to offer bespoke customer      pilots with the support of                      ❑❑❑❑
  as Gulf Air’s achievements       this,” said Mr Näf.                  award-winning Sky Chef and          experience on the ground and       Bahrain Development Bank            One-day workshop on
  and plans for the future.           “Gulf Air has established a       Sky Nanny are just a proof of       in the air by introducing new      and Bahraini engineers with          Business to Business
     “An integral part of the      name for itself over these           this.                               aircraft, new destinations and     the support of Tamkeen .             Networking organised by
  kingdom’s growth for nearly      decades as a powerful brand,            “The introduction of this        world-class products and facil-                soman@gdn.com.bh         Bahrain Businesswomen’s
                                                                                                                                                                                    Society at the Gulf
                                                                                                                                                                                    University from 9am to 2pm.



Sabre renews Qatar Airways deal
                                                                                                                                                                                               ❑❑❑❑
                                                                                                                                                                                   Opening day of the three-day
                                                                                                                                                                                    Hospitality and Food expo at
                                                                                                                                                                                    the Kuwait Regency Palace.
                                                                                                                                                                                               ❑❑❑❑
MANAMA: Sabre Travel Network has                “We have always been uniquely posi-       Sabre-connected travel agents efficient     its new daily non-stop service between       Opening day of the three-day
renewed its airline distribution agree-      tioned to help airlines get the maximum      access to Qatar Airways’ extensive          Doha and Houston being launched on            Middle East Refining
ment with Qatar Airways.                     yield for each seat sold through our         range of fares.”                            March 30.                                     Conference – 10th
   The agreement provides Sabre travel       extensive corporate, online and agency          Qatar Airways said Sabre’s strong           The airline said a good growth strat-      Anniversary meeting in Abu
agencies and corporations around the         partnerships around the world,” said         growth in the Middle East combined          egy involved working with a marketing         Dhabi.
world access to their content, including     Sabre Travel Network in EMEA senior          with its extensive global reach made the    distribution partner to enhance global
fares, schedules and availability through    vice-president Martin Cowley.                company an ideal partner to support the     reach for business and leisure trav-           To be included please write to
                                                                                                                                                                                            business@gdn.com.bh
the Sabre global distribution system.           “This agreement also guarantees           airline’s expansion plans, which include    ellers.

								
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