Dubai’s investment arm nets Dh25b profit

ICD growth includes record contribution from banking and financial services

Investment Corporation of Dubai (ICD), the principal investment arm of the Government of Dubai yesterday reported a net profit of Dh25 billion for 2019, up 16.9 per cent compared to 2018.

The consolidated results for the year ended December 31, 2019 posted a net revenue of Dh228 billion down by 1.9 per cent, with a drop in oil and gas revenues and a marginally lower transportation income offset by higher income in banking and financial services and in the others segment.

Strong performance

Banking and financial services include DenizBankA.S, EmiratesNBD’s new acquisition.

Net Profit growth of 16.9 per cent included a record

contribution from banking and financial services and a strong performance from transportation.

“In 2019, ICD produced a very solid performance given the considerable challenges faced by the global economy and the effect that these have had on our businesses. The diversification of our activities and their resilience in volatile markets are two significant contributing factors when it comes to delivering consistent performance yearon-year,” said Mohammad Ebrahim Al Shaibani, Executive Director and CEO, Investment Corporation of Dubai.

Dubai Land Department has successfully introduced a new registration system for real estate transactions, which allows real estate owners to complete sales transactions for their properties remotely from anywhere in the world. The new system allows them to complete procedures and transactions without being physically present in Dubai or delegating it to someone else.

The introduction of the remote system is part of a government-wide smart transformation gaining momentum in Dubai as part of which public entities are deploying advanced infrastructure to ensure availability of services any time anywhere.