Investment Corporation of Dubai profit up 63% on core business growth



Investment Corporation of Dubai (ICD) posted a 63 per cent profit increase last year amid growth in its core businesses, a gain from the transfer of Dubai Aluminium’s assets to Emirates Global Aluminium and a partial sale of its equity in the London Stock Exchange.

ICD’s profit attributable to equity holders rose to Dh23.8 billion last year from Dh14.6bn a year earlier, the sovereign wealth fund said in a statement yesterday.

Revenues edged up last year 11 per cent to Dh198.4bn from Dh178.3bn a year earlier as the fund’s transportation, oil and gas, banking and financial services units posted strong performance.

ICD has strategic stakes in many of the companies regarded as critical to Dubai’s economic strategy, such as Emirates aviation group, Emirates NBD and Emaar Properties.

The fund’s assets grew 10.5 per cent to Dh672.3bn last year because of an increase in property, plant and equipment as Emirates bought more aircraft and ICD bought the Dubai-based hotel Altantis the Palm.

The value of assets also rose thanks to the excess cash in its transportation, oil and gas and banking and financial services units.

The fund’s liabilities also increased by Dh36bn to Dh482.3bn.

This is primarily because of an increase in customer deposits at Emirates NBD and additional debt and lease liabilities of Emirates to finance its fleet expansion, analysts say.

dalsaadi@thenational.ae

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