Dubai Wealth Fund Posts $6.8bn Profit for 2019
The Investment Corporation of Dubai reported 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).
It said it posted a 25 billion dirham ($6.8 billion) net profit compared to $5.8 billion in 2018.
The banking and financial services results benefited from an AED 4.4Billion ($1.1bn) gain on the partial disposal of Network International Holdings Plc and the fair value measurement of its remaining stake.
Chaired by Sheikh Mohammed bin Rashid Al Maktoum, UAE vice president and ruler of Dubai, ICD owns giant firms like Emirates Airline, the largest in the Middle East, Emaar Properties, the region's biggest real estate firm, and UAE's second largest lender, Emirates NBD bank.
It said its revenues last year dropped by 1.9 percent year-on-year to $62 billion over a decline in income from the energy and transport sectors.
"In 2019, ICD produced a very solid performance given the considerable challenges faced by the global economy and the effect that these have had on our businesses," CEO Mohammed Ibrahim Al Shaibani said.
"In 2020, with the significant disruptions arising in the wake of the COVID-19 crisis, we are focused on adjusting our operations to preserve their ability to operate competitively when the health crisis subsides," he added.