Investment Corporation of Dubai (ICD), the emirate’s sovereign wealth fund has reported increased profits of $7.75 billion (AED28.5 billion) for 2014, up by 62 percent on the previous year.
In a statement, ICD, which has stakes or holdings in companies such as Emaar, Emirates Airline, Emirates NBD and ENOC, said the positive results were driven by the group’s core business, an exceptional gain arising from the incorporation of Dubai Aluminium (Dubal) into the newly formed Emirates Global Aluminium (EGA) and by the partial disposal of the group’s equity investment in the London Stock Exchange.
ICD’s revenues increased by 11 percent, up from $48.5 billion to $54 billion, which is said was driven by the group’s subsidiaries operated in transportation, oil and gas and banking and financial services sectors.
The ICD Group’s (the subsidiaries) assets grew by 10 percent to $183 billion over the last year. The increase in property, plant and equipment included the purchase of aircraft by Emirates and the acquisition of the Atlantis the Palm hotel during the year, while there was also a build-up of excess cash in the entities operating in transportation, oil and gas and banking and financial services sectors.
An increased customer deposits base in Emirates NBD, as well as additional borrowings and lease liabilities to fund Emirates’ aircraft expansion were the main factors that saw ICD’s liabilities grow by $9.8 billion to $131 billion.
The portfolio of companies ICD has a stake or holding in includes a long list, including the following: Atlantis the Palm hotel, Borse Dubai, Cleveland Bridge & Engineering, Commercial Bank of Dubai, dnata, Dubai Aerospace Enterprise, Dubai Airport Free Zone, Dubai Cable Company, Dubai Duty Free, Dubai Investments, Dubai Islamic Bank, Dubai Silicon Oasis Authority, Dubai World Trade Centre, Emaar, Emaratech, Emirates Airline, Emirates Global Aluminium, Emirates Islamic Bank, Emirates National Oil Company (ENOC), Emirates NBD, Emirates Rawabi, Emirates Refreshments Company, Galadari Brothers Group, Golf in Dubai, HSBC Middle East Finance Company, National Bank of Fujairah, National Bonds, Noor Bank and Union National Bank.
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