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Dubai sovereign wealth fund ICD’s 2017 profit posts 11.6 pct increase

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Dubai sovereign wealth fund ICD’s 2017 profit posts 11.6 pct increase

DUBAI, June 12 (Xinhua) –– The Dubai sovereign wealth fund Investment Corporation of Dubai’s (ICD) 2017 net profit represents 11.6 percent increase year on year “despite challenging market conditions,” United Arab Emirates (UAE) state news agency WAM reported on Tuesday.

ICD, according to its website, controls stakes in well-known Dubai brands like Emirates Airline and financial exchange Nasdaq Dubai, generated a net profit worth 24.6 billion dirham (6.70 billion U.S. dollars) in 2017.

The increase “reflects the improved performance of the transportation services segment and the strong earnings contribution from the banking and financial services segment,” ICD said.

ICD, whose board of directors is headed by UAE Vice President, Prime Minister and Ruler of Dubai Sheikh Mohamed Bin Rashid Al Maktoum, added that revenues increased 13.8 percent from the prior year to 200.9 billion dirham (54.74 billion dollars).

Mohammed Al Shaibani, Executive Director and CEO of ICD also stressed the “challenging market conditions” in 2017, which is impacted by an increase in interest rates and currency volatility.

ICD controls assets or stakes in firms in 54 countries globally.

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