Qannas exits two Dubai investments, pays dividend

Qannas Investments Limited (Qil), a closed-ended investment company managed by ADCM Ltd, the investment arm of Abu Dhabi Financial Group (ADFG), on Tuesday announced dividend after strong performance during the six months ended on June 30, 2014.

During the period, Qil successfully exited two investments, each generating a significant rate of return, and subsequently paid a dividend of 11.5% to its shareholders in July 2014.

Jassim Alseddiqi, Chief Executive Officer of ADFG and Executive Director of Qil, said: “(The firm) continued to deliver excellent performance during the first half of 2014. During the six month period, the management team successfully closed two very lucrative investments returning cash to the business. The sale of a plot of land on Reem Island, Abu Dhabi, and the closure of the position in Marina 101 were both completed at an excellent exit multiples of 1.89x and 1.57x respectively. To be able to share this success with our loyal shareholders through a special dividend of $0.115 per share therefore gives us significant pleasure.”

He said: “With available cash, Qil is extremely well-placed for the next stage of its development as we seek to identify, develop and close productive investment opportunities in our key markets, particularly while the economic environment in UAE, Central London and Eastern Europe remain so advantageous.”

As of 30 June 2014, it had available cash of Dh120m, which it intends to invest in a pipeline of identified projects in UAE, Eastern Europe and Central London. It had a Net Asset Value (NAV) of approximately Dh330m

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