The result, “despite the global economic slowdown and uncertainty around the world, reflects the resilience and robustness of Dubai’s economy and the prudence of its fiscal policies,” said Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum , Crown Prince of Dubai, Chairman of the Executive Council. , President of the ICD.
“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, especially in future-focused 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 hub.”
The group’s revenue increased as the emirate witnessed a significant increase in travel and tourism activities, along with growth in transportation and other segments. Oil and gas revenues, too, received a major boost due to substantially higher international oil prices.
Group liabilities increased slightly to Dh887.5 billion, while loans and lease liabilities decreased slightly. The share capital increased by 4.8% to 199.8 billion dirhams.
Mohammed Ibrahim Al Shaibani, CEO of ICD, said: “ICD’s record revenues, earnings and assets in the first half of 2022 are an impressive achievement as our business expansion accelerates despite the global economic slowdown. Benefiting from 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, confident in the growth potential of its businesses and will remain cautious and selective in deploying new capital as it explores new investment opportunities.”
The ICD is the main investment arm of the Government of Dubai.