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

General view of Sheikh Zayed Road in Dubai, United Arab Emirates, December 29, 2018. (Reuters)
General view of Sheikh Zayed Road in Dubai, United Arab Emirates, December 29, 2018. (Reuters)
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Board of the Investment Corporation of Dubai Announce Record Financial Results for H1 2022

General view of Sheikh Zayed Road in Dubai, United Arab Emirates, December 29, 2018. (Reuters)
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.



SABIC Returns to Profit in Q3 Driven by Revenue Growth

SABIC reported a net profit of SAR 1 billion ($266 million) for the three months ending September 30. (SPA)
SABIC reported a net profit of SAR 1 billion ($266 million) for the three months ending September 30. (SPA)
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SABIC Returns to Profit in Q3 Driven by Revenue Growth

SABIC reported a net profit of SAR 1 billion ($266 million) for the three months ending September 30. (SPA)
SABIC reported a net profit of SAR 1 billion ($266 million) for the three months ending September 30. (SPA)

Saudi Basic Industries Corp (SABIC), one of the world’s largest petrochemical firms, returned to profit in the third quarter, recovering from a loss a year earlier, helped by higher revenue and core earnings.

SABIC, 70% owned by Aramco, reported a net profit of SAR 1 billion ($266 million) for the three months ending September 30, according to a disclosure to the Saudi Stock Exchange (Tadawul).

This is a major improvement from a loss of SAR 2.87 billion during the same period last year.

SABIC CEO Abdulrahman Al-Fageeh said: “The increase in the third quarter’s profits compared to the same quarter last year is attributable to higher average selling prices of some key products, and a decrease in total losses on non-continuing operations.”

Analysts had projected that SABIC would achieve profits of up to SAR 1.7 billion.

SABIC attributed its growth mainly to higher average selling prices, which were partially offset by a slight decline in sales volumes.

The company’s net profit was primarily driven by an increase in operating income of about SAR 797 million, thanks to improved profit margins despite higher operating costs. Gains also came from selling its specialized business that produces plastic sheets and films, along with foreign exchange benefits in the third quarter of 2024.

Profit was also driven by a decrease in losses from discontinued operations by around SAR 3.3 billion, mainly due to the fair value assessment of Saudi Iron and Steel Company (Hadeed), classified as a discontinued operation while awaiting the closure of a previously announced sale.

This was partly offset by a drop in financing income of SAR 390 million from the revaluation of equity derivatives, which are non-cash items.