Investment Corporation of Dubai Ends 2019 on a High Note, 2020 Figures Await
Posted on 05/20/2020
The Investment Corporation of Dubai (ICD) is the principal investment arm of the Government of Dubai. ICD disclosed its net profit for 2019 jumped 16.9% to 25 billion AED versus 2018 year-end figures. The consolidated financial results for the year ended December 31, 2019 posted a net revenue of 228 billion AED. ICD’s assets for December 2019 increased to a record 1.12 trillion AED, increasing 27.5% from the 2018 calendar year. Liabilities also grew to 869.7 billion AED, which was driven by the acquisition of DenizBank A.Ş., a large private bank in Turkey.
ICD was formed in May 2006 by decree (11) of 2006. Financial figures for 2020 will likely be less optimistic as ICD owns a number of aerospace holdings such as The Emirates Group, flydubai, and Dubai Aerospace Enterprise Limited. Dubai Aerospace Enterprise is an aerospace corporation and one of the largest aircraft leasing companies in the world.