Business | General

Al Naiem records net profit of over Dh392m

Al Naiem Holding, a financial holding group based in Dubai, reported more than Dh392 million in net profit for the previous fiscal year 2007-2008, representing a 44 per cent return on equity,.

  • By Ahmed A. Elewa, Senior Reporter
  • Published: 23:29 July 11, 2008
  • Gulf News

Abu Dhabi: Al Naiem Holding, a financial holding group based in Dubai, reported more than Dh392 million in net profit for the previous fiscal year 2007-2008, representing a 44 per cent return on equity, a company senior executive told Gulf News.

The company holds 49 per cent of Al Naiem Securities which accounted for about 2.5 per cent of the value of traded shares in Dubai Financial Market and Abu Dhabi Securities Exchange last year.

"Our market value stands today at about Dh1.83 billion, while our paid up capital is equivalent to Dh880 million," Hani Tawfiq the company's chief executive officer said.

Last week, Al Naiem Securities cancelled an agreement to acquire 18 per cent of the Saudi Al Naiem Investments worth 10.8 million Saudi riyals, after the company failed to secure a necessary license from the Saudi authorities.

"The Saudi company did not acquire the portfolio management licence from the authorities, a necessary clause stipulated by the contract. Nevertheless, this will have no effect on our expansion plans in the region," Tawfiq explained.

Al Naiem is pursuing an aggressive expansion plan in the UAE and Qatar through acquisition deals, capitalising on the ability to link the Arabian financial markets electronically.

"We will soon introduce a unified code and a single bank account for any investor wishing to invest in any of the Arab markets where we operate," Tawfiq said revealing that the company was successful this week to link the UAE and Egyptian markets electronically.

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