Font Size

- Aa +

Tue 28 Jun 2016 04:54 PM

Font Size

- Aa +

Dubai's SWF sees annual profits slip to $6.2bn on lower oil prices

Investment Corporation of Dubai has stakes in some of the emirate's highest-profile brands, including Emirates, Emaar and Emirates NBD

Dubai's SWF sees annual profits slip to $6.2bn on lower oil prices

Investment Corporation of Dubai (ICD), which holds stakes in some of the emirate's top companies, posted a 3.7 percent drop in profit last year as revenue from oil and gas products and services fell.

Profit attributable to equity holders of the company slipped to 22.90 billion dirhams ($6.24 billion) in 2015, from 23.79 billion dirhams in the prior year, according to an earnings statement posted on Dubai's stock exchange.

Revenue from oil and gas products and services sank to 49.67 billion dirhams in 2015, compared with 71.20 billion dirhams in the year earlier.

State-owned ICD has stakes in some of the emirate's highest-profile brands, including Emirates airline, Emaar Properties and Emirates NBD. In August 2015, 100 percent ownership of low-cost carrier Flydubai was transferred to ICD following a decree by the ruler of Dubai, according to the statement.

During the year, distributions totalling 6.86 billion dirhams were made to the government, up from 2.77 billion dirhams in 2014. It gave no reason for the increased payment.

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.