Dubai wealth fund posts $2.8bn net profit for H1

Investment Corporation of Dubai (ICD), the emirate’s sovereign wealth fund, on Wednesday announced revenues of AED93.2 billion and net profit of AED10.3 billion ($2.8 billion) for the first half of 2017.

The company said in a statement that revenues increased by 13.1 percent from the prior year period with the largest growth seen in oil and gas and transport services.

Net profit rose marginally by 0.3 percent from the prior year period and benefited from higher commodity prices in oil and gas and industrial operations and continued strength in banking and financial services, it added.

Assets  increased to AED786.8 billion, rising 2.2 percent  from year-end 2016, primarily resulting from an increase in loans and receivables in banking and financial services and the acquisition of ALEC Engineering & Contracting.

Liabilities increased to AED572.1 billion, rising 2.1 percent, the company said.

Mohammed Ibrahim Al Shaibani, executive director and CEO, Investment Corporation of Dubai said: “In the first half of 2017 the portfolio of ICD continued to deliver strong operating and financial results and steady growth. ICD remains focused on expanding its capabilities and investing in opportunities that will support long-term growth and contribute to the prosperity of Dubai.”



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