Dubai Government Investment Corporation announced its financial results for the year ended December 31, 2018, with record revenues of AED 232.4 billion and net profits of AED 21.4 billion, while assets rose to AED 879.2 billion.
In total, revenues rose to a record level of AED 232.4 billion, up 15.7% from the previous year, with increases in all major sectors, with a net profit of AED 21.4 billion. The net profit attributable to the shareholders of the Corporation reached AED 16.3 billion.
Assets rose to AED 879.2 billion, up 4.1% from the end of 2017. This is mainly due to increased loans and receivables in the banking and financial services sector. Loans increased to AED 641.5 billion, an increase of 4% over the end of 2017, mainly due to higher customer deposits in the banking and financial services sector, while loan and lease commitments were flat. The Group's share of equity increased by 4% over the end of 2017 due to retained earnings.
"In 2018, the company's business portfolio showed flexibility through its strong operational and financial performance despite the difficult and uncertain conditions in the international markets," said Mohammed Ibrahim Al Shaibani, Board Member and CEO of Dubai State Investment Corporation. In spite of these fluctuations, the organization will continue to focus on developing its core business and enhancing operational efficiencies that will contribute to sustainable growth and contribute to Dubai's prosperity. "
DIB's portfolio includes a number of companies operating in strategic sectors serving the growth and development objectives of Dubai. These sectors include financial services, transport, industry and energy, real estate, construction, hospitality and entertainment, retail and others.
According to the latest figures published by the SWFF, the Dubai Government Investment Corporation (DIB), the world's 13th largest sovereign wealth fund, has assets worth $ 233.8 billion (AED 858 billion).