Investment Corporation of Dubai (ICD) the principal investment arm of the state government with major interests in finance, real estate, construction, utilities, energy, transportation, industrial and leisure sectors, has reported a net profit of of Dh25 billion ($6.81 billion) for FY 2019, up 16.9 per cent over the previous year.
Announcing the results for the year ended December 31, 2019, ICD said it had achieved revenues of Dh228 billion.
The jump in the group's net profit was mainly due to the record contribution from banking and financial services and a strong performance from transportation, stated the company.
On the solid results, Executive Director and CEO Mohammed Ibrahim Al Shaibani said: "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."
"The diversification of our activities and their resilience in volatile markets are two significant contributing factors when it comes to delivering consistent performance year-on-year," stated Al Shaibani.
"Moreover, the record asset level reached by ICD, well in excess of the Dh1 trillion mark, reflects the continued growth achieved by our key businesses over time and the scale of their operations," he added.-TradeArabia News Service