Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of The Executive Council, Chairman of ICD, with Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance, and Vice-Chairman of ICD. Image Credit: Dubai Media Office

The Investment Corporation of Dubai (ICD) generated revenue of Dh121.1 billion in the first half of 2022, a 61 per cent increase compared to the same period last year, it was announced on Wednesday.

Net profit stood at Dh14.8 billion, more than 10 times compared to the year-ago period, while the group’s assets reached a record Dh1.136 trillion.

The result, “despite the global economic slowdown and uncertainty worldwide, reflects the resilience and robustness of Dubai’s economy and the prudence of its fiscal policies”, said Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of The Executive Council, Chairman of ICD.

“We are proud to record ICD’s best-ever financial performance during the first half of a year, underscoring Dubai’s position as one of the world’s most dynamic, resilient, and future-ready cities. By embracing change and innovation, Dubai offers an exceptional and exemplary model to emulate for shaping the new world economic paradigm. We will continue to foster innovation, especially in future-focused sectors, while driving efficiency and implementing confidence-boosting measures in our traditional economic pillars to set new benchmarks and enhance Dubai’s global competitiveness and status as the world’s premier business and investment hub.”

Spectacular performance

The group’s revenues went up as the emirate witnessed a significant surge in travel and tourism activities, along with a growth in transportation and other segments. Oil and gas revenues, too, received a sizeable boost on the back of substantially higher international oil prices.

The group’s liabilities were up marginally to Dh887.5 billion, while borrowings and lease liabilities slightly declined. Share of equity increased by 4.8 per cent to Dh199.8 billion.

Mohammed Ibrahim Al Shaibani, Managing Director, ICD, said: “ICD’s record revenues, earnings and assets for the first half of 2022 are an impressive achievement as the expansion of our businesses accelerated despite the global economic slowdown. Benefiting from favourable local and regional economic momentum, our companies redeployed operational capacity whilst maintaining a strong discipline on costs. Despite the challenging global economic outlook, ICD maintains a strong balance sheet, is confident of the growth potential of its businesses and will remain cautious and selective in how it deploys new capital whilst exploring new investment opportunities.”

The ICD is the principal investment arm of the Government of Dubai.