Investment Corp of Dubai revenue up 61%

NET PROFIT JUMPS OVER 10 TIMES TO DH14.8 BILLION IN FIRST HALF OF 2022

The result, despite the global economic slowdown, reflects the resilience and robustness of Dubai’s economy.”

The Investment Corporation of Dubai (ICD) generated revenue of Dh121.1 billion in the first half of 2022, a 61 per cent increase compared to the same period last year, it was announced yesterday.

Net profit stood at Dh14.8 billion, more than 10 times compared to the year-ago period, while the group’s assets reached a record Dh1.136 trillion.

“The result, despite the global economic slowdown and uncertainty worldwide, reflects the resilience and robustness of Dubai’s economy and the prudence of its fiscal policies,” said Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of The Executive Council, Chairman of ICD.

“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 exceptional and exemplary model

Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum

to emulate for shaping the new world economic paradigm.”

Spectacular performance

The group’s revenues went up as the emirate witnessed a significant surge in travel and tourism activities, along with a growth in transportation and other segments. Oil and gas revenues, too, received a sizeable boost on the back of substantially higher international oil prices.

The group’s liabilities were up marginally to Dh887.5 billion, while borrowings and lease liabilities slightly declined. Share of equity increased by 4.8 per cent to Dh199.8 billion.

The ICD is the principal investment arm of the Government of Dubai.