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Board of the Investment Corporation of Dubai Announce Record Financial Results for H1 2022

Board of the Investment Corporation of Dubai Announce Record Financial Results for H1 2022

Thursday, 1 December, 2022 - 06:15
General view of Sheikh Zayed Road in Dubai, United Arab Emirates, December 29, 2018. (Reuters)

The Board of the Investment Corporation of Dubai (ICD) approved ICD’s consolidated financial results for the six months ended 30th June, 2022.

The Board of Directors meeting was chaired by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, Chairman of ICD, and in the presence of Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance, and Vice-Chairman of ICD.

The ICD generated record revenues of AED121.1 billion and record net profits of AED14.8 billion during H1 2022, dwarfing last year’s first-half earnings. All business segments of ICD, the principal investment arm of the Government of Dubai, contributed to this outstanding achievement.

Sheikh Hamdan attributed the exceptional performance to the vision and encouragement of Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to make Dubai one of the primary champions of global economic growth, state news agency WAM reported.

“The 61 percent growth in ICD’s revenues and a more than ten times increase in its profits during the first half of 2022, despite the global economic slowdown and uncertainty worldwide, reflects the resilience and robustness of Dubai’s economy and the prudence of its fiscal policies. The exceptional results are a manifestation of Sheikh Mohammed bin Rashid’s vision to ensure that Dubai remains at the forefront of championing global economic recovery," he said.

“We are proud to record ICD’s best-ever financial performance during the first half of a year, underscoring Dubai’s position as one of the world’s most dynamic, resilient, and future-ready cities. By embracing change and innovation, Dubai offers an exceptional and exemplary model to emulate for shaping the new world economic paradigm. We will continue to foster innovation, especially in future-focused sectors, while driving efficiency and implementing confidence-boosting measures in our traditional economic pillars to set new benchmarks and enhance Dubai’s global competitiveness and status as the world’s premier business and investment hub," Sheikh Hamdan added.

The ICD’s first-half revenues reached a record AED121.1 billion, a 61 percent increase compared to the same period last year.

Mohammed Ibrahim Al Shaibani, Managing Director, Investment Corporation of Dubai, said: “ICD’s record revenues, earnings and assets for the first half of 2022 are an impressive achievement as the expansion of our businesses accelerated despite the global economic slowdown.

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