Investment Corporation of Dubai’s H1-2021 revenues at Dh75.2 in ‘significant performance’ | Markets – Gulf News
Dubai Government’s investment arm ICD generated revenues of Dh75.2 billion in the first six months of this year, which amounts to a “significantly stronger performance” than in the same period last year. Net profits for Investment Corporation of Dubai came to Dh1.4 billion, again a major turnaround from last year.
Last year, with all the challenges of COVID-19 to deal with, revenues were Dh73.7 billion and slipped into a net loss of Dh9.4 billion.
“We made significant progress on our return to profitability, reaping the benefits of efficient cost management, and rallying commodity prices and financial markets. The recovery was also assisted by the continued support from the Government to businesses,” said Mohammed Ibrahim Al Shaibani, Managing Director.
ICD lists assets such as Emirates Group as part of its portfolio. At the end of June, assets were valued at Dh1.10 trillion and liabilities of Dh874.8 billion, which is “essentially flat compared to year-end 2020”.
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