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Investment Corporation of Dubai’s profits cross AED 10bn in 2021

Investment Corporation of Dubai’s profits cross AED 10bn in 2021
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UAE – Mubasher: Investment Corporation of Dubai (ICD) has turned into profitability in 2021, logging net profits of AED 10.10 billion against losses worth AED 15.50 billion in 2020.

The UAE-based company generated AED 169.40 billion in revenue last year, a surge of 24.50% from 2020, according to a press release.

The increase in revenue during 2021 was driven by the soaring prices in oil and gas commodities and the higher levels of activity in transportation. In addition, Expo 2020 Dubai had a pivotal role in the recovery.

Meanwhile, the assets and liabilities went down by 1% year-on-year (YoY) in 2021 to AED 1.10 trillion and AED 862.70 billion, respectively.

Mohammed Ibrahim Al Shaibani, Managing Director of ICD, commented: “Whilst good progress was made during the earlier part of the year despite the virus variant disruptions, the second part of the year saw a much stronger recovery helped by the easing of global travel restrictions and the positive impact of the hosting of Expo 2020 Dubai.”