Stock - ICD Investment Corporation of Dubai
The Dubai wealth fund ICD's 2023 golden run was propelled by its transport and banking entities. Investment Corporation of Dubai is the owner of Emirates Group, flydubai, Emirates NBD, enoc, and Dubai Duty Free, among many high-profile assets.

Dubai: The Investment Corporation of Dubai - owner of Emirates Group and Emirates NBD among many high-profile assets - hit record revenues of Dh310.2 billion for 2023, and in turn generating Dh60.8 billion as net profit. The profit tally is also its highest ever.

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Revenues for ICD were up 16 per cent - or by Dh42.8 billion - as it gained from Emirates surpassing its own previous records for a blockbuster run. There was also asset growth and higher interest rates from ICD's banking and financial services entities. Its oil and gas revenues declined as 'global oil prices retreated from their 2022 peak'.

"Overall revenues grew faster than operational costs, boosting margins," said ICD in a statement.

This is a 'truly exceptional achievement as the Group posted, for the third consecutive year, tremendous growth and reached an unparalleled level of revenue and profitability', said Mohammed Ibrahim Al Shaibani, Managing Director.

The net profit attributable to the equity holder was Dh50.3 Billion, up 69 per cent.

Asset split

Assets shot up to a new high of Dh1.32 trillion, up Dh145.3 billion from a year ago. The liabilities came to Dh1.01 trillion, up 11 per cent, primarily pushed by the '16 per cent asset growth in banking'. The non-banking operations grew their assets up by 5 per cent whilst reducing their debt load. The Group’s share of equity increased by Dh21.4 billion, rising to a record of Dh237.9 billion.

"Overall, the improved liquidity, asset quality, and the reduced leverage in non-banking operations further strengthened the Group’s financial position," said Al Shaibani.

"As we continue to pursue growth and diversification, I am confident our businesses’ resilience and strength as well as ICD’s investment strategy will help us fulfil our mandate to maximise value for Dubai."