Dubai wealth fund ICD records full year profit of Dhs36.1bn

Dubai wealth fund ICD records full year profit of Dhs36.1bn

Investment Corporation of Dubai (ICD), the emirate’s sovereign wealth fund, reported an annual net profit of $9.8bn (Dhs36.1bn) for 2022, driven by growth across all business segments. ICD said its transportation segment returned to profitability in an impressive turnaround, the oil and gas division posted an 82 per cent increase in profit and the other segment recorded a robust 115 per cent growth buoyed by the real estate and hospitality sectors. “With the strong momentum in the Dubai economy, the was able to further deploy its operational capacity in an agile manner and benefited both from a scale effect and a strong discipline on costs, producing its best-ever performance,” said Mohammed Ibrahim Al Shaibani, managing director, Investment Corporation of Dubai. The wealth fund said its banking and financial services division, the largest contributor in 2022, generated Dhs15.3bn of net profit. ICD said the net profit attributable to the equity holder came in at Dhs29.8bn. The firm’s full-year revenues surged by 58 per cent to a record Dhs267.4bn in 2022 from Dhs98bn the previous year period, thanks to a significant increase in travel and tourism activities in the city. “Overall, revenues grew faster than operational costs, boosting margins,” ICD said in