Investment Corp of Dubai reports steady H1 net profit

Investment Corporation of Dubai’s (ICD) first-half net profit rose 0.3 per cent to Dhs10.3bn ($2.8bn), the Dubai government’s main investment arm said on Wednesday.

ICD benefited from higher commodity prices and continued strength in banking and financial services, it said in a statement.

ICD, whose portfolio includes stakes in companies such as Emirates Airline and Emirates NBD, registered a 13.1 per cent rise in revenue to Dhs93.2bn.

The largest increases in revenue were in oil and gas and transportation services, it said.

ICD said its assets stood at Dhs786.8bn as of June 30, up 2.2 per cent from the end of 2016, helped by an increase in loans and receivables in banking and financial services and by its acquisition of UAE-based ALEC Engineering & Contracting.