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.



Saudi Budget Shows Continued Government Spending on Mega-Projects

King Abdullah Financial District in Riyadh (Asharq Al-Awsat)
King Abdullah Financial District in Riyadh (Asharq Al-Awsat)
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Saudi Budget Shows Continued Government Spending on Mega-Projects

King Abdullah Financial District in Riyadh (Asharq Al-Awsat)
King Abdullah Financial District in Riyadh (Asharq Al-Awsat)

Saudi Arabia’s third-quarter budget results this year reflect the government’s commitment to boosting spending on mega-projects while working to increase revenue and contain the budget deficit.
Saudi Finance Minister Mohammed al-Jadaan stressed that managing the deficit is a key priority. He outlined strategies to ensure sustainable debt management, including directing debt to high-return sectors and attracting domestic and foreign investments.
The Ministry of Finance reported a budget deficit of SAR 30.23 billion ($8.06 billion) in the third quarter, down 15.6% from the same period last year. This brought the total deficit for the first nine months of the year to SAR 57.96 billion.
Government Spending and Revenues
Government revenues grew 20% in the third quarter to SAR 309.21 billion ($82.4 billion), while spending rose 15% to SAR 339.44 billion.
Non-oil revenues increased 6% year-on-year to SAR 118.3 billion, though they were 16% lower than in the previous quarter. Oil revenues climbed 30% year-on-year to SAR 190.8 billion but dropped 10% from the second quarter.
As of the third quarter, Saudi Arabia’s actual revenues for 2024 reached SAR 956.233 billion ($254.9 billion), a 12% rise from 2023.
Saudi Arabia’s spending topped SAR 1 trillion ($266.6 billion) by the end of the third quarter, a 13% increase from SAR 898.3 billion ($239.5 billion) a year earlier. The budget deficit for this period reached SAR 57.96 billion ($15.4 billion).
Saudi Budget Outlook and Reserve Update
The Kingdom’s Finance Ministry expects 2024 revenues to reach SAR 1.172 trillion ($312.5 billion), slightly below last year’s SAR 1.212 trillion ($323.2 billion). Expenditures are projected at SAR 1.251 trillion ($333.6 billion), with a budget deficit of SAR 79 billion ($21 billion), close to last year’s SAR 80.9 billion ($21.5 billion). By the end of the third quarter, the general reserve balance stood at SAR 390 billion ($104 billion), with the current account at SAR 76.7 billion ($20.4 billion) and public debt at SAR 1.157 trillion ($308.7 billion).
Vision 2030 Projects, Economic Reforms
Shura Council member Fadhel al-Buainain attributed the spending increase to Vision 2030 projects and social welfare programs, noting a 6% rise in non-oil revenues and a 16% boost in oil revenues.
He stressed that these gains contribute to financial stability and diversification efforts.
Enhanced Services and Growth Sectors
Dr. Mohammed Makni, Assistant Professor of Finance & Investment at Imam Muhammad ibn Saud Islamic University, highlighted the government’s focus on improving health, education, and quality of life, which are part of Vision 2030 goals impacting citizen services.
Speaking to Asharq Al-Awsat, Makni explained that Saudi Arabia’s recent expansionary spending aims to complete Vision 2030 projects.
He added that the third-quarter budget reflects positive growth across oil and non-oil activities, which have boosted revenues.
Economist Dr. Mohammed al-Qahtani pointed out that non-oil sectors and efficient spending helped reduce the third-quarter deficit.
He cited strong growth in tourism, culture, and entertainment as key contributors to non-oil revenues. Al-Qahtani expects continued improvement in the fourth quarter, especially if oil prices strengthen.