Investate earns $11.1m in profits and distributes 5% cash dividend

Shareholders discussed and approved the financial results for the Company's first financial year ending on 31 December 2007. Present at the AGM were Investate's shareholders, representatives of the Ministry of Industry and Commerce and Key point, and the Auditors from Ernst &Young.

The AGM follows a strong financial performance by Investate since its launch on 28th October 2007. The company announced a gross revenue of $18.3m with a net profit of $11.1m, representing an annualized return on equity of more than 60%, the AGM agreed to distribute 5% cash dividend to its shareholders.

"We met with our shareholders and thanked them for putting their trust in us. I am pleased to say we are rewarding this trust with great financial results and we are looking forward to an equally strong 2008," said Dr. Habib Al Mulla, Chairman of Investate.

He added, "Investate's strategy lies in offering our shareholders a range of Shari'ah compliant investments that are diversified by asset, class and location; with a portion of these investments being placed with our partners and associates in the GCC. We are operating in a competitive environment, yet, we have shown without doubt that we are up to the challenge which is reflected in our strong performance and financial results".

Salah Nooruddin, CEO of Investate, elaborated, "The region is at the beginning of a remarkable period of economic growth, which we are well positioned to take full advantage of. We have gained immensely from the strength and experience of our partners and shareholders and I believe we have maintained their trust and confidence through our performance in 2007.

We look forward to continuing our journey with them to what lies ahead of us in 2008 and beyond, where we remain confident in continuing our success and furthering our objective to provide unique and competitive investment opportunities around the region".

Mr. Nooruddin concluded, "At Investate, we nurture our people to work hand in hand in striving to the vision of becoming the prime choice institution for not only investments, but partnerships and employment. Today, this vision has become closer to our reach, and together we aim to achieve it".