Dubai wealth fund ICD posts $6.8bn profit for 2019, up 16.9% - Arabianbusiness:
Dubai's sovereign wealth fund on Wednesday announced full-year revenues of AED 228 billion ($62 billion) and a net profit of AED 25 billion ($6.8bn).
Investment Corporation of Dubai (ICD) said revenues fell 1.9 per cent, due to drop in oil and gas revenues and a marginally lower income from its transportation portfolio. The drop in revenue was offset by higher income in its banking and financial services, which includes Emirates NBD and Dubai Islamic Bank.
ICD said its banking and financial services made a record contribution to its increase in net profit, while its transportation portfolio, which includes Emirates airline, Flydubai and aircraft lessor Dubai Aerospace Enterprise, had a "strong performance" in 2019.
These increases were offset by lower contributions from oil and gas and aluminium production, it said.
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