Investment Corporation of Dubai posts 82% profit rise

Investment Corporation of Dubai (ICD) posted an 82.4 per cent increase in first-half profit of last year compared with the year earlier period, the sovereign wealth fund said in a statement.

Net profit attributable to the equity holders of ICD rose to Dh12.08 billion in the six months ended June 30 compared with Dh6.58bn in the year-earlier period, the fund said in a statement to Nasdaq Dubai. It did not give a reason for the increase.

Revenues increased by 14 per cent to Dh98bn in the first half of last year from Dh86bn in a year-earlier period. Total assets grew 5.8 per cent to Dh643.7bn from Dh608.3bn in the comparable period the previous year.

ICD has strategic stakes in many of the companies regarded as core to the emirate’s economic strategy, such as Emirates aviation group, Emirates NBD and Emaar Properties.

ICD said last month it had purchased the W Hotel in Washington DC, a majority holding in the Mandarin Oriental in New York, and a minority stake in the One & Only resort in Cape Town, South Africa.

Last year, ICD clinched what was regarded as a “transformational” deal in the international hotels business when it bought a big stake in Kerzner International, the global luxury hotels management group, in which Dubai World’s subsidiary Istithmar World already had a 25 per cent holding.

ICD owns outright the Atlantis resort on the Palm Jumeirah, having paid US$250 million last year for a remaining 50 per cent holding, and it has a controlling interest in the company that manages the One & Only and Mazagan chains.

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