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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- email@example.com 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 firstname.lastname@example.org the Sabre global distribution system. “This agreement also guarantees airline’s expansion plans, which include ellers.
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