ICD profit surges to more than $4bn on tourism rebound and higher oil and gas revenue – The National

ICD profit surges to more than $4bn on tourism rebound and higher oil and gas revenue – The National

The Investment Corporation of Dubai, the sovereign wealth fund of the emirate, reported a more than ten-fold increase in net income for the first half of 2022, helped by a surge in tourism activity and higher oil and gas revenue.

The company’s net profit rose to Dh14.8 billion ($4 billion) from about Dh1.4 billion reported in the same period in 2021, ICD said on Wednesday.

The profit attributable to the equity holder for the period jumped to Dh12.2 billion. ICD’s first-half revenue reached a “record” Dh121.1 billion, a 61 per cent increase compared to last year as its assets grew to more than Dh1 trillion, the end of the six month period, the company said.