Dubai, UAE — The Investment Corporation of Dubai (ICD) has posted a net profit of AED 36.1 billion ($9.8 billion) for 2022, compared to AED 10 billion in 2021 due to a surge in business activities and higher oil prices.
The Group, which is the main investment arm of the emirate, said in a statement that transportation returned to profitability, oil and gas increased its profit by 82 per cent, and the Other segment surged 115 per cent on strong performance in the real estate and hospitality sectors and record earnings from aluminum production.
Banking and financial services, the largest contributor this year, generated AED 15.3 billion of net profit.
Revenues increased by 58 percent to AED 267.4 billion due to a significant surge in travel and tourism activities reflected in the transportation and Other segments, and a jump in oil and gas revenues on much higher oil prices.
Assets grew 6.9 per cent reaching a record AED 1.17 trillion supported by the much higher level of activity overall. Liabilities increased to AED 908.1 billion, whilst borrowings and lease liabilities declined 9 per cent.
Mohammed Ibrahim Al Shaibani, Managing Director, Investment Corporation of Dubai, said, “With the strong momentum in the Dubai economy, the ICD Group 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.”
