Asset value up 10% to $211bn
Source of revenue for Dubai government
The Investment Corporation of Dubai (ICD) said profit and the value of its assets rose last year, buoyed by performance in its aviation, real estate and banking portfolio.
Net income climbed 6 percent to AED53.2 billion ($14.5 billion) and the value of its assets more than 10 percent to AED774 billion, the fund said in an annual report released this week.
Revenue jumped nearly 13 percent to almost AED350 billion, compared with 2023.
ICD, which owns Emirates airline, is an important source of revenue for the government of Dubai, which is spending billions on infrastructure projects and is in the process of reducing debt.
Through its relatively conservative, long-term investment approach, ICD played an important stabilising role in the period after government-owned Dubai World requested a standstill on $26 billion of debt repayments in 2009, triggering a financial crisis in the emirate.
Though invested in more than 80 countries, ICD’s flagship assets remain rooted in Dubai, led by Emirates Group, which earlier this month posted a record profit of AED20.5 billion for the financial year ending March 31, a 20 percent jump over the previous year.
The group, which comprises the airline and the ground services provider Dnata, declared a dividend of AED6 billion to ICD.
Founded in 2006, ICD holds stakes in several of the UAE’s most prominent companies, including Emirates NBD, Commercial Bank of Dubai (CBD), Emaar Properties and Emirates National Oil Company.
The fund plays a central role in advancing Dubai’s economic diversification and global investment strategy.
Construction company Alec Engineering, which ICD acquired in 2017 from Abu Dhabi-based Al Jaber Group, is expected to sell shares to the public as early as next month to raise about $500 million.
Analysts believe Alec could be one of several in ICD’s portfolio that are taken public, joining Emirates NBD, CBD and Emaar Properties, which are all listed.
The share price of Emirates NBD has increased by almost 5 percent in the 12 months to date, while CBD is up more than 18.5 percent. Emaar Properties is up almost 6 percent.
