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Dubai sovereign wealth fund sees profits rise five-fold

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.