Dubai Government Investment Fund Posts Record Profits As Local Economy Bounces Back

Dubai Government Investment Fund Posts Record Profits As Local Economy Bounces Back

Dubai's skyline viewed from the Marasi marina in the Business Bay downtown area Investment Corporation of Dubai (ICD) has reported a record profit of AED36. 1 billion ($9. 8 billion) for 2022, helped by high oil prices, a rebound in the emirate's tourism sector after the Covid-19 pandemic and a strong performance in the banking sector. In results issued on May 31, the emirate's sovereign wealth fund also reported record revenues of AED267. 4 billion for the year, up 58% on the year before. The fund attributed its performance to a jump in oil and gas revenues and a surge in travel and tourism activity. It was also helped by what it described as "strong fundamentals" in the real estate sector and record earnings from aluminium production. ICD managing director Mohammed Ibrahim Al Shaibani said there were "improvements seen across all businesses". It said that revenue growth had outpaced its operational costs, boosting its profit margin. The biggest source of profits came from banking and financial services, which contributed AED15. 3 billion, or 42% of the total. At year-end, the fund's assets were valued at AED1, 177 billion. That is equivalent to $320. 5 billion and leaves it just outside