Dubai Investment Corporation Profits Surge 68% in 2023

The Dubai Investment Corporation (ICD), the main investment arm of the Dubai government, announced on Wednesday a 68% increase in net profits for 2023, supported by gains from its assets in transportation, banking, and financial services sectors. The ICD recorded record profits of 60.8 billion dirhams ($16.56 billion). The corporation's managing director noted that "growth was achieved based on regional economic momentum and the corporation's increased competitive capacity, leading to higher profit margins and improved performance in our portfolio companies in transportation, financial services, banking, and other business sectors." The corporation reported record revenues of 310.2 billion dirhams, a 16% increase, while assets grew by 12% to a new record of 1.322 trillion dirhams.