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Dubai’s sovereign fund ICD smashes revenue, reports $4bn H1 profits

Record performance for Dubai investment arm; Revenues up 61% to $32.97bn

Dubai ICD
Dubai’s sovereign fund ICD smashes revenue and profit records

Investment Corporation of Dubai (ICD) generated record revenues of AED121.1b ($32.97bn) and record net profits of AED14.8 billion ($4.03 billion) during the first half of 2022.

It’s also a record growth for the group which is mandated with the management of the Government of Dubai’s portfolio of commercial companies and investments, with first-half revenues up 61 percent compared to the same period last year.

ICD witnessed a significant surge in its travel and tourism activities, reflected in the growth in transportation and other segments, while its oil and gas revenues received a sizeable boost on the back of substantially higher international oil prices.

Investment Corporation of Dubai profits

The first-half net profit of AED14.8bn ($4.03bn) was up more than 10 times over the same period last year. Transportation returned to profitability in a significant turnaround, while oil and gas improved its profits by 190 percent.

The “other” segment increased by 129 percent, buoyed by record earnings from aluminium production and strong interest in the real estate and hospitality sectors.

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of The Executive Council of Dubai, Chairman of ICD, said: “The 61 percent growth in ICD’s revenues and a more than 10 times increase in its profits during the first half of 2022, despite the global economic slowdown and uncertainty worldwide, reflects the resilience and robustness of Dubai’s economy and the prudence of its fiscal policies.

“The exceptional results are a manifestation of HH Sheikh Mohammed bin Rashid’s vision to ensure that Dubai remains at the forefront of championing global economic recovery.

“We are proud to record ICD’s best-ever financial performance during the first half of a year, underscoring Dubai’s position as one of the world’s most dynamic, resilient, and future-ready cities.

“By embracing change and innovation, Dubai offers an exemplary model to emulate for shaping the new world economic paradigm.

“We will continue to foster innovation, especially in future-focused sectors, while driving efficiency and implementing confidence-boosting measures in our traditional economic pillars.”

The total assets of ICD reached a record AED1.136tn ($309bn). The group’s liabilities were up marginally to AED887.5bn ($242bn), while borrowings and lease liabilities slightly declined.

Mohammed Ibrahim Al Shaibani, Managing Director, ICD, said: “ICD’s record revenues, earnings and assets for the first half of 2022 are an impressive achievement as the expansion of our businesses accelerated despite the global economic slowdown.

“Benefiting from favourable local and regional economic momentum, our companies redeployed operational capacity whilst maintaining a strong discipline on costs.

“Despite the challenging global economic outlook, ICD maintains a strong balance sheet, and is confident of the growth potential of its businesses. We will remain cautious and selective in how it deploys new capital whilst exploring new investment opportunities.”

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