The Board of Directors of the Foundation headed by Hamdan bin Mohammed and the presence of Maktoum bin Mohammed approved the standard results

Dubai Government Investments records net profits of 14.8 billion dirhams in 6 months

• Hamdan bin Mohammed during his chairmanship of the Board of Directors meeting of the Investment Corporation of Dubai, in the presence of Maktoum bin Mohammed.

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• The Board of Directors of Dubai Government Investments, chaired by Hamdan bin Mohammed and attended by Maktoum bin Mohammed, approved the consolidated financial results of the institution.

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Investment Corporation of Dubai achieved record revenues of 121.1 billion dirhams, and recorded record net profits of 14.8 billion dirhams, for the first half of this year 2022, thus achieving the strongest financial position with the growth of its assets to about 1.14 trillion dirhams.

His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of the Executive Council and Chairman of the Board of Directors of the Dubai Government Investment Corporation, considered the strong results of the institution and the achievement of record profitability of nearly 1000%, the fruit of the directives and vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President of the State. Prime Minister and Ruler of Dubai, which laid a solid foundation for Dubai's economy.

Record revenue

In detail, the Board of Directors of the Investment Corporation of Dubai, chaired by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council and Chairman of the Board of Directors of the Dubai Government Investment Corporation, and in the presence of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, approved Chairman of the Board of Directors of the Corporation, the consolidated financial results of the Corporation for the six months ended June 30, 2022.

The group achieved record revenues amounting to 121.1 billion dirhams, while it recorded record net profits of 14.8 billion dirhams for the first half of this year, as all business sectors contributed to this achievement, as the results exceeded the profits of the first half of last year by large proportions.

Powerful results

His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum said: “The strong results of the institution and the achievement of record profitability of nearly 1000% in the first half of this year are only the fruit of the directives and vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of the State. Dubai, which laid a solid foundation for Dubai's economy, and gave it the flexibility and strength necessary to face all changes, while the results reflect the feasibility of rational financial and economic policies that enabled Dubai's economy to achieve record results despite the slowdown in economic movement around the world.

His Highness added, "The strong results of the Foundation highlight Dubai's insistence on having a leading role in the forefront of efforts to recover the global economy, with its competitive advantages that have made it one of the fastest developing cities in the world, and the most flexible and prepared for the future, by adopting creative ideas and opening the way for minds." Innovators in all fields, especially those related to the industry of the future, to always be the model and role model in shaping the features of the new knowledge-based economy.

His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum affirmed the Investment Corporation of Dubai's commitment to continue investing in future sectors, while continuing to develop the pillars of its traditional sectors, in parallel with working to develop more rational financial policies, in a way that enables increasing the corporation's contribution to raising capabilities. Dubai's competitiveness, and confirm its position as a global center for investment and business.

universal model

In a tweet on the blogging site «Twitter», His Highness said: «Record performance of the Investment Corporation of Dubai during the first half of 2022, with revenues amounting to 121.1 billion dirhams, a growth of 61%, while profits increased by about 1000% to 14.8 billion dirhams .. Dubai has the flexibility and capabilities to keep pace with changes and maintain its position as a leading global economic model at all times.

In another tweet, His Highness added: “We are proud of the institution’s contribution to raising the competitiveness of Dubai’s economy, and confirming its prosperity opportunities by focusing on future sectors, in parallel with the development of its traditional counterpart in a mixture that confirms the institution’s ability to continue growth and development, and positive participation in building an inspiring model of the economy based on knowledge and creativity.” ».

Revenue growth

According to the results, the value of revenues amounted to 121.1 billion dirhams in the first half of 2022, an increase of 61% compared to the same period last year, as a result of the significant increase in travel and tourism activities, which was reflected in the transportation sector and other sectors, in addition to the significant increase in oil and gas revenues. against the background of the global rise in oil prices.

Net profit

The group recorded a record net profit in the first half amounting to 14.8 billion dirhams, as it witnessed an important turning point in the return of profitability to the transportation sector, an increase in oil and gas profits by 190%, and an increase in profits from other sectors by 129%, supported by record profits from aluminum production, and strong foundations in real estate and hospitality sectors.

Net profit attributable to equity holders amounted to 12.2 billion dirhams.

In turn, assets recovered their growth to reach 1.136 trillion dirhams, driven by a higher level of activity in general.

Debts rose to 887.5 billion dirhams, while loan and rental debts decreased slightly.

The group's share of shareholders' equity increased by 4.8% to reach 199.8 billion dirhams.

• Revenues of «Dubai Government Investments» jump to 121.1 billion dirhams, a growth of 61%.

• The institution achieves the strongest financial position with the growth of its assets to 1.14 trillion dirhams.

Hamdan bin Mohammed:

• «The strong results of the institution and the achievement of a record profitability of nearly 1000% in the first half of this year, the fruit of the directives and vision of Mohammed bin Rashid».

• "The results highlight Dubai's insistence on having a leading role in the forefront of global economic recovery efforts, with its competitive advantages."

• "ICD is committed to continuing to invest in future sectors, while continuing to develop the pillars of its traditional sectors."

Al Shaibani: A strong financial position and high confidence in business growth opportunities

Mohammed Ibrahim Al Shaibani, Managing Director of the Investment Corporation of Dubai, said: “(Dubai Government Investments) announced record revenues, profits and assets for the first half of 2022, which is a huge achievement that indicates the rapid expansion of our business, despite the global economic slowdown.”

He added, “The local and regional economic momentum provided very favorable conditions for reallocating the operating capacity of our companies, while maintaining strong cost discipline, which led to achieving the best performance for the group ever for the first half of the year.”

He continued, "Despite the challenges facing the global economy, the Investment Corporation of Dubai maintains a strong financial position, and has high confidence in the growth opportunities of its business, while maintaining caution and selectivity in the method of distributing new capital when exploring new investment opportunities."

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