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ICD-
The Investment Corporation of Dubai’s (ICD) net income rose 68% y-o-y to an all-time high of AED 60.8 bn in 2023, on the back of growth in the hospitality and real estate sectors, it said in an earnings release. The Dubai government’s investment arm booked a record AED 310.2 bn in revenues, climbing 16% y-o-y during the year on the back of “higher passenger traffic in transportation as well as the asset growth and higher interest rates in banking and financial services.”
Breakdown: ICD’s revenues from its transportation segment rose 119% y-o-y, while revenues from its banking and financial services segment climbed 69% y-o-y. The state investor logged lower oil and gas revenues during the year, driven by the decline in global oil prices.
ICD’s assets also grew 12% y-o-y to a record AED 1.32 tn, with banking assets climbing 16% y-o-y. Non-banking operations assets increased 5% y-o-y while reducing their indebtedness.
BINGHATTI-
Binghatti’s bottom line rose 138.8% y-o-y to AED 726.3 mn in 2023, according to its consolidated financial statements (pdf). The Dubai-based property developer’s revenues during the period more than doubled to AED 2.13 bn.
Dividends: Binghatti will distribute AED 172.5 mn in dividends, “offsetting an additional contribution from shareholder of AED 92.6 mn and a net payable balance to shareholder amounting to AED 79.9 mn.”
