Dubai: The Dubai owned wealth fund ICD made a significant turnaround in net profits during 2021, totaling Dh10.1 billion on revenues of Dh169.4 billion. ICD (Investment Corporation of Dubai) lists entities such as Emirates Group and mega-developer Ithra Dubai among its holdings. For 2020, it had losses of Dh15.5 billion.
The return to profits for 2022 reflects ‘improvements across all segments, helped primarily by revenue growth, rigorous cost discipline, and lower impairments in the banking, real estate, and hospitality sectors,’ ICD said in a statement. ‘Aluminium production operations also contributed materially to these results.”
The shareholder, Dubai, will receive Dh5.5 billion from the net profit.
“Our portfolio companies reaped the benefits of the steps taken earlier during the pandemic to protect their businesses, adapt their models, and enhance cost-effectiveness,” said Mohammed Ibrahim Al Shaibani, Managing Director, Investment Corporation of Dubai. “The proactive measures taken by the UAE government and the leadership of Dubai to manage the effects of the pandemic contributed meaningfully to Dubai’s strong economic rebound and in making Dubai an even more attractive place to live and work.
"Our balance-sheet stayed resilient despite the significant volatility of the global economy. We are proud to see the progress made by our organisation in terms of recovery.
"Our portfolio companies reaped the benefits of the steps taken earlier during the pandemic to protect their businesses, adapt their models, and enhance cost-effectiveness. The proactive measures taken by the UAE government and the leadership of Dubai to manage the effects of the pandemic contributed meaningfully to Dubai’s strong economic rebound and in making Dubai an even more attractive place to live and work."