Dubai’s investment arm almost doubles profits

Dubai’s investment arm almost doubles profits

Transport and finance have helped the Dubai government’s investment body almost double profits for the first half of the year. Investment Corporation of Dubai (ICD) reported an 86 percent rise in first-half net profit on Thursday as earnings from its financial services and transportation divisions surged. ICD, which is the Dubai government’s main investment unit, […]

Massive leap in transport earnings

Returns from finance arm up 118%

Half-year revenue hits $39.5bn

Transport and finance have helped the Dubai government’s investment body almost double profits for the first half of the year.

Investment Corporation of Dubai (ICD) reported an 86 percent rise in first-half net profit on Thursday as earnings from its financial services and transportation divisions surged.

ICD, which is the Dubai government’s main investment unit, owns Emirates and FlyDubai airlines, the travel agency and logistics company dnata, Emirates National Oil Company (Enoc) and the stock exchange operator Borse Dubai.

It also holds big stakes in Dubai’s biggest bank, Emirates NBD, and the rival lenders Dubai Islamic Bank and Commercial Bank of Dubai.

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In the first six months of 2023, ICD made a net profit