Investment Corporation of Dubai (ICD), the principal investment arm of the Government of Dubai, benefited from the significant rise in travel and tourism activities reflected and a jump in banking and financial services revenues as it reported record revenue and record net profit for the six-month period ending 30 June 2023.
Revenues reached AED145.1 billion ($39.51 billion), up 20 percent from previous year and an increase of AED24 billion ($6.54 billion).
Net profit soared to AED28.3 billion ($7.71 billion), up 91 percent. Banking and financial services and transportation’s respective contributions grew by AED8.2 billion ($2.23 billion) and AED7.7 billion ($2.1 billion).
Lower commodity prices reduced profitability in oil & gas and aluminium production from their prior period records, but real estate and hospitality displayed strong performance.
Revenues increased faster than operational costs, boosting margins.
Assets grew 6.5 percent, reaching a record AED1,252.9 billion ($341.2 billion) primarily driven by the growth of banking assets. Liabilities increased to AED974.5 billion ($265.35 billion) on much higher banking customer deposits whilst non-banking borrowings and lease liabilities reduced by 5.7 percent.
The net profit attributable to the equity holder was AED22.6 Billion. The group’s share of equity increased by 4.2 per cent rising to a new record of AED225.7 billion.
Dubai’s ICD: Stellar H1 Achievements
Mohammed Ibrahim Al Shaibani, Managing Director, commented: “The Investment Corporation of Dubai announced today another set of record results for the first half period of 2023 and a very impressive achievement overall.
“The group saw its activities accelerate, lifting revenue and profitability to new heights, with very solid performances across sectors and exceptional contributions from transportation and banking and financial services. The group clearly benefited from the strong economic momentum the Emirate is experiencing thanks to the vision and anticipation from the leadership.
“Looking forward, the proven agility of our businesses and strength of the group’s financial position will help weather the uncertain global economic outlook. We remain confident in the group’s ability to identify new investment opportunities and expand its commercial activities.”
The Investment Corporation of Dubai was established in May 2006 and mandated with the consolidation and management of the Government of Dubai’s portfolio of commercial companies and investments.
ICD’s portfolio comprises some of Dubai’s most recognised companies, and represents a cross-section of vital economic sectors that the Government of Dubai has deemed strategic for the continued development and growth of the emirate. The sectors include financial services, transportation, energy and industry, real estate and construction, hospitality and leisure, retail, and other holdings.
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