Skip to content Skip to Search
Skip navigation

Dubai sovereign wealth fund sees profits rise five-fold

By Matt Smith
ICD profit ICD
ICD managing director Mohammed Ibrahim Al Shaibani said the group emerged stronger from a volatile period
  • Investment Corporation of Dubai profits rose to $8.1bn
  • ICD owns companies including Emirates airline and Enoc oil company
  • Transportation, oil and banking profits all strong

Investment Corporation of Dubai (ICD) reported a five-fold rise in annual net profit on Wednesday as the government-owned holding company benefited from soaring hydrocarbon and transportation-related revenues.

Dubai’s sovereign wealth fund owns Emirates and FlyDubai airlines, travel agency dnata, Emirates National Oil Company and stock exchange operator Borse Dubai. 

It also holds major stakes in Dubai’s biggest bank Emirates NBD and rival lenders Dubai Islamic Bank and Commercial Bank of Dubai.

ICD made an annual net profit attributable to shareholders of AED29.8 billion ($8.1 billion) in 2022, up from AED5.5 billion ($1.5 billion) a year earlier, its financial statement shows.

Annual revenue surged 58 percent year-on-year to AED267.4 billion.

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

The company classifies its earnings into four segments: banking and other financial services, transportation and related services, oil and gas products and services, and other.

Transportation made a pre-tax profit of AED9.3 billion in 2022 as revenue nearly doubled year-on-year to AED123.1 billion. That compares with a pre-tax loss of AED7.1 billion in 2021.

Oil and gas revenue pre-tax profit rose 79 percent to AED5.8 billion as revenue also surged thanks to higher energy prices.

Banking and finance pre-tax profit was AED20.4 billion, up from AED12.2 billion in 2021.

“Overall, the group emerges resilient and stronger than ever from a volatile period marked by geopolitical conflicts and rising interest rates,” said Mohammed Ibrahim Al Shaibani, ICD’s managing director.

Latest articles

Saudi Arabia’s Fakeeh Care to offload 21% stake in IPO

Fakeeh Care Group, one of the largest private healthcare groups in Saudi Arabia, plans to offload 21.47 percent of its stake through existing and new shares in an initial public offering (IPO). The group, which owns four hospitals in the kingdom, intends to offer 30 million new shares and 19.8 million existing shares to investors […]

Sodic general manager Ayman Amer and Robert De Niro, Nobu Hospitality Co-Founder, at the launch of their third venture in Egypt

Aldar-owned Sodic to build third Nobu hotel in Egypt

Sodic, the Egyptian real estate subsidiary of the UAE’s Aldar Properties and Nobu, the US-headquartered luxury lifestyle brand, have signed up to develop their third hospitality project in Egypt. The Nobu Hotel and Restaurant, which will come up in east Cairo, will open next year, the developer said in a statement. The cost of the […]

UAE puts up 2 billion dirhams to pay for flood-damaged homes

The UAE has pledged AED2 billion ($545 million) to help rebuild homes of citizens that were damaged in this month’s floods. Sheikh Mohammed bin Rashid Al Maktoum, the UAE prime minister and ruler of Dubai, said on X (formerly Twitter) that the UAE’s cabinet of ministers had also formed a committee to assess the flood […]

The uncrewed Cygnus space freighter, from which were launched two satellites built by students from Abu Dhabi's Khalifa University

Shareholders to vote on merger to create UAE space giant

Shareholders of two Abu Dhabi technology companies will vote on Thursday on a proposed merger to create a $4 billion space organisation.  Bayanat AI and Al Yah Satellite Communications Company, better known as Yahsat, will hold their general assembly meetings simultaneously. The proposed merger will create Space42, an AI-powered space technology champion for the Middle […]