Dubai sovereign fund ICD records record revenues and profits – News | News Bharat

The holding company’s earnings rose 61% to a record 121.1 billion dirhams as profits soared to 14.8 billion dirhams in the first half of 2022.

Published: Wednesday, November 30, 2022, 6:12 p.m

Last update: Wednesday, November 30, 2022, 6:59 p.m

Investment Corporation of Dubai (ICD) recorded best-ever revenue and net profit in the first half of 2022, driven by strong performance across all its subsidiaries.

Revenue at Dubai’s sovereign wealth fund rose 61% to a record 121.1 billion dirhams in revenue, while profits soared about tenfold to 14.8 billion dirhams in the first half.

The holding company announced revenues of Dh75.2 billion and Dh1.4 billion in net profit for the first half of 2021.

ICD has stakes in many of Dubai’s flagship entities, including Emirates airline, flydubai economy company Emirates NBD bank, Dubai Islamic Bank, Borse Dubai, Enoc, Emaar, Dubai World Trade Centre, Dubal Holding and Emirates Global Aluminium, others.

Dubai’s economy has rebounded strongly from the pandemic, led by the aviation, hospitality, MICE, travel and tourism and real estate sectors. In addition, Expo 2020, which concluded in March, also ended on a high note with more than 24 million visits during the six-month exhibition.

ICD said its transport entities returned to profitability in a significant turnaround, while the oil and gas company’s profitability improved 190 percent, and the other segment rose 129 percent, driven by record gains in aluminum production and strong fundamentals in the real estate sector. and hospitality sectors.

Sheikh Hamdan chairs the council meeting

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of the Dubai Executive Council, Chairman of the ICD, chaired the council meeting in the presence of Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and Vice Chancellor of Dubai. President of the ICD. The board approved the consolidated financial results for the six months ended June 30, 2022.

Sheikh Hamdan attributed the outstanding performance to the vision and encouragement of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, in making Dubai a leading proponent of global economic growth.

“ICD’s 61% revenue growth and more than tenfold increase in profits in the first half of 2022, despite the global economic slowdown and uncertainty around the world, reflects resilience and robustness of Dubai’s economy and the prudence of its fiscal policies.. The exceptional results are a manifestation of His Highness Sheikh Mohammed bin Rashid’s vision to ensure that Dubai remains at the forefront of championing global economic recovery Sheikh Hamdan said.

“We are proud to record ICD’s best financial performance in the first half of the year, underscoring Dubai’s position as one of the most dynamic, resilient and future-ready cities. By embracing change and innovation , Dubai offers an exceptional and exemplary model to emulate in shaping the new global economic paradigm.

“We will continue to foster innovation, particularly in forward-looking sectors, while driving efficiency and implementing confidence-building measures in our traditional economic pillars to set new benchmarks and enhance Dubai’s global competitiveness and status as the world’s leading business and investment center.” he said

Mohammed Ibrahim Al Shaibani, CEO of ICD, said the group’s expansion accelerated despite the global economic slowdown, thanks to favorable local and regional economic momentum.

“Our companies redeployed operating capacity while maintaining strong cost discipline. Despite the challenging global economic outlook, ICD maintains a strong balance sheet, is confident in the growth potential of its businesses and will remain cautious and selective in the time to deploy new capital while exploring new investment opportunities,” he added.

ICD assets grew to a record 1.136 trillion dirhams in the first half of 2022 compared to 1.1 trillion dirhams at the end of last year, thanks to a very strong level of activity higher in general. Group liabilities increased slightly to Dh887.5 billion, while loans and lease liabilities decreased slightly.

The group’s capital share increased by 4.8% to 199.8 billion dirhams.

Source link