Dubai wealth fund ICD posts $2.9bn profit, up 4.4% - Arabianbusiness:
Dubai's sovereign wealth fund on Thurday announced half-year revenues of AED106.3 billion ($28.9 billion) and a net profit of AED10.5 billio ($2.86 billion).
Investment Corporation of Dubai (ICD) said revenues fell by 7.7 percent decrease compared to the year-earlier period, resulting primarily from lower oil prices.
Net profit grew by 4.4 percent, driven by the higher performance of the banking and financial services and transportation segments, it added in a statement.
These increases were partially offset by lower profits in oil and gas and aluminium production.
Banking and financial services results were benefited by an AED2.1 billion gain related to the IPO of Network International Holdings, ICD said.
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