Arady PJSC announces new Chairman as net profits exceed Dhs39m

Arady was established in the second quarter of 2007 and specialises in real estate investment. The organization's immediate attention has been focused on the UAE, especially Abu Dhabi, and 2007 proved a stellar year.

At the AGM Aamer al Fahim stepped down as Chairman but will continue to serve on the Board of Directors of Arady. He handed over the reins to HE Sheikh Hamdan bin Mubarak Al Nahyan who will now work with the board to take Arady into its next development phase.

HE Sheikh Hamdan, said:

"Aamar Al Fahim has extensive experience in leading businesses in the UAE and this has greatly benefited Arady. He has worked tirelessly to position Arady as a regional leader in its field and we are all grateful to him."

Aamer al Fahim added, "Arady's success is a clear testament to the robust nature of our integrated business model and our ability to execute plans. Much work has been done over the past 18 months to establish this dynamic business model and operating strategy. The Board believes that this year's results confirm that we are on the right track."

2007 saw Arady PJSC laying the groundwork for a successful first year and crossing key milestones in a market replete with cutthroat competition. As such, it is a strong indication of Arady's unyielding strategy as well as its ability to deliver on promises amidst an ever changing business climate.

Ali Hamad Lakhraim, Managing Director and Founder of Arady, said: "This first year highlights the quantum growth we have made as a company, as well as our strengths. With a combined strategy of acquisition, joint ventures and developments in the regional market across all property-related sectors of the industry, we are determined to deliver top quality, world-class investments."

The financial figures were reviewed at the AGM and a net operating profit of Dhs39m was agreed. Arady is now in a prime position to continue driving shareholder returns through the execution of its strategy in developing, investing and managing real estate opportunities in Abu Dhabi. Crucial to the company's future performance are strategic projects, land bank, infrastructure focus, operational capability and capacity as well as access to capital resources.