Abu Dhabi Investment House (ADIH) has announced a net profit of Dh150 million ($40.86 million) profits for 2006.

The success comes just 15 months after the regional financial institution officially opened its doors to business.

Tributes were paid to the staff for the company's success at an official lunch held in Abu Dhabi recently at which over 200 staff, senior management and guests were invited to celebrate the ADIH landmark profits and milestone successes.

Rashad Janahi, CEO, honoured the employees at the event.

'On behalf of the chairman and Board of ADIH, I would like to express our gratitude to the employees of ADIH for their hard work and commitment, which has seen ADIH record profit of Dh150 million,' said Janahi.

'As a newly established financial institution our young ambitious and energetic staff have brought innovation and dynamism to our enterprise. Working alongside the senior management team, who bring a wealth of experience and confidence to ADIH, we have created a great place to work and this is reflected in our robust financial results.'

ADIH has a number of projects scheduled for 2007 including opening representative offices in both Geneva and Bahrain as it expands its regional network. ADIH has its corporate headquarters in Abu Dhabi.

ADIH also plans a new and exciting investment project in Abu Dhabi and the first bank in the Middle East, to be known as Masrafy, to target high net worth women in Bahrain.

'The staff at ADIH would like to thank Rashad for his support and for fostering a working environment which is dynamic and intelligent giving employees the best of opportunities for example with continuous training for staff through a variety of tailored training courses. Many of us have come to look at ADIH as a second home and a second family. We look forward to another great year and relish the challenges ahead,' said PR chief, ADIH, Mohammed Darwish.TradeArabia News Service