Dubai’s sovereign wealth fund on Wednesday announced full-year revenues of AED 228 billion ($62 billion) and a net profit of AED 25 billion ($6.8bn).
Investment Corporation of Dubai (ICD) said revenues fell 1.9 per cent, due to drop in oil and gas revenues and a marginally lower income from its transportation portfolio. The drop in revenue was offset by higher income in its banking and financial services, which includes Emirates NBD and Dubai Islamic Bank.
ICD said its banking and financial services made a record contribution to its increase in net profit, while its transportation portfolio, which includes Emirates airline, Flydubai and aircraft lessor Dubai Aerospace Enterprise, had a “strong performance” in 2019.
These increases were offset by lower contributions from oil and gas and aluminium production, it said.
The banking and financial services results benefited from an AED 4.4Billion ($1.1bn) gain on the partial disposal of Network International Holdings Plc and the fair value measurement of its remaining stake.
Net profit attributable to the equity holder of ICD was AED 18bn ($4.9bn), an increase of 10.7 per cent compared to the prior year period.
Mohammed Ibrahim Al Shaibani, executive director and CEO, Investment Corporation of Dubai said the wealth fund produced “a very solid performance” given the challenges faced by the global economy.
“The diversification of our activities and their resilience in volatile markets are two significant contributing factors when it comes to delivering consistent performance year-on-year,” Al Shaibani said.
“Moreover, the record asset level reached by ICD, well in excess of the AED 1 trillion mark, reflects the continued growth achieved by our key businesses over time and the scale of their operations.”
Al Shaibani said with the Covid-19 pandemic affecting business worldwide, ICD expects to be able to “deliver sustainable returns over the long term”.
“In 2020, with the significant disruptions arising in the wake of the Covid-19 crisis, we are focused on adjusting our operations to preserve their ability to operate competitively when the health crisis subsides,” he said.
“We remain confident that ICD’s businesses can deliver sustainable returns over the long term for the prosperity of Dubai.”
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