Investment Corporation of Dubai Achieves Historic Financial Milestones in 2023
ICD announced its 2023 financial performance, breaking all previous records.
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Demonstrating robust growth across its key sectors, the Investment Corporation of Dubai (ICD) reported an exceptional net profit of over AED60 billion, marking a substantial 68% increase from the previous year. Additionally, revenues surged to AED310.2 billion, up 16%, while total assets grew by 12% to reach a new pinnacle of AED1.322 trillion.
These milestones underscore the state-owned holding company’s remarkable success in a year of significant economic achievements.
Record-Breaking Growth
“ICD announced today its best-ever performance, a truly exceptional achievement as the Group posted, for the third consecutive year, tremendous growth and reached an unparalleled level of revenue and profitability, primarily driven by airlines and banking sectors,” said Mohammed Ibrahim Al Shaibani, ICD’s Managing Director.
“The strong regional economic momentum and increased competitiveness of our businesses created an effect of scale resulting in higher margins and performance of our portfolio companies operating in the transportation, banking and financial services, and other segments.”
Sector Performance
The performances of the transportation and banking segments were particularly notable, with record net profits up by 119% and 69% respectively. These sectors stood out as the top contributors to ICD’s stellar performance for the year.
While strong momentum in real estate and hospitality also contributed to profit increases, the oil and gas and aluminum production units saw a dip in earnings compared to 2022’s high.
The banking segment led in asset growth, expanding by 16%, while the non-banking operations not only grew their assets by 5% but also reduced debt levels, thereby enhancing their liquidity and financial strength.
Al Shaibani credited Dubai’s leadership, asserting “the Group’s achievements would not have been possible without the counsel and guidance of Dubai’s eminent Leadership.”
He extended gratitude to Dubai Crown Prince Sheikh Hamdan bin Mohammed and Deputy Ruler Sheikh Maktoum bin Mohammed for their steadfast support.
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Employment grew for the 16th consecutive month as companies expanded.
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According to a recent PMI report, Qatar experienced its fastest non-energy sector growth in almost two years in June, driven by surges in both existing and new business activities.
The Purchasing Managers’ Index (PMI) headline figure for Qatar reached 55.9 in June, up from 53.6 in May, with anything above 50.0 indicating growth in business activity. Employment also grew for the 16th month in a row, and the country’s 12-month outlook remained robust.
The inflationary pressures were muted, with input prices rising only slightly since May, while prices charged for goods and services fell, according to the Qatar Financial Centre (QFC) report.
This headline figure marked the strongest improvement in business conditions in the non-energy private sector since July 2022 and was above the long-term trend.
The report noted that new incoming work expanded at the fastest rate in 13 months, with significant growth in manufacturing and construction and sharp growth in other sectors. Despite the rising demand for goods and services, companies managed to further reduce the volume of outstanding work in June.
Companies attributed positive forecasts to new branch openings, acquiring new customers, and marketing campaigns. Prices for goods and services fell for the sixth time in the past eight months as firms offered discounts to boost competitiveness and attract new customers.
Qatari financial services companies also recorded further strengthening in growth, with the Financial Services Business Activity and New Business Indexes reaching 13- and nine-month highs of 61.1 and 59.2, respectively. These levels were above the long-term trend since 2017.
Yousuf Mohamed Al-Jaida, QFC CEO, said the June PMI index was higher than in all pre-pandemic months except for October 2017, which was 56.3. “Growth has now accelerated five times in the first half of 2024 as the non-energy economy has rebounded from a moderation in the second half of 2023,” he said.
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Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
