Investment Corporation of Dubai revenue up 61% at Dh121.1 billion in first half of 2022

Investment Corporation of Dubai revenue up 61% at Dh121.1 billion in first half of 2022

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 on Wednesday. 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 Sheikh Hamdan bin Mohammed 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 to emulate for shaping the new world economic paradigm. We will continue to foster innovation, especially in future-focused sectors, while driving efficiency and implementing confidence-boosting measures in our traditional economic pillars to set new benchmarks and enhance Dubai’s global competitiveness and status as the world’s premier business and investment hub.” The group’s revenues went