The Investment Corporation of Dubai (ICD), the principal investment arm of the emirate’s government, swung to profit in 2021 owing to an improved performance across its businesses, higher revenue and lower impairments.
Revenue surged 24.5 per cent annually to Dh169.4 billion ($46bn) in 2021, driven primarily by rallying crude prices, higher levels of activity in transport and strong momentum in other sectors as coronavirus-induced curbs were eased, ICD said in a regulatory filing with Nasdaq Dubai on Tuesday.
Lower impairments in banking, hospitality and the property sectors, along with higher aluminium production operations also helped ICD's 2021 earnings, the company said.
“In 2021, the ICD Group saw the overall level of activity of its businesses increase materially and profitability bounce back,” said ICD managing director Mohammed Al Shaibani.
“While 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."
ICD's net profit attributable to its owner swung to Dh5.5bn, from a Dh18.9bn net loss a year earlier.
The UAE economy has made a strong bounce-back from the Covid-induced slowdown, boosted by pandemic-mitigation measures and Dh388bn in fiscal and monetary support since the onset of the global health crisis.
It is expected to grow by 4.9 per cent in 2022, Japan's largest lender MUFG said, while Emirates NBD has forecast growth of 5.7 per cent and Abu Dhabi Commercial Bank expects a 5 per cent expansion, supported by a strong oil sector performance.
Oil prices have gained more than 70 per cent since last year on supply concerns, the Ukraine war and improved demand as global economies recover from the coronavirus pandemic.
“Our portfolio companies reaped the benefits of the steps taken earlier during the pandemic to protect their businesses, adapt their models, and enhance cost-effectiveness," Mr Al Shaibani said.
“The proactive measures taken by the UAE government and the leadership of Dubai to manage the effects of the pandemic contributed meaningfully to Dubai’s strong economic rebound and in making Dubai an even more attractive place to live and work."
ICD owns stakes in some of Dubai's biggest and best-known names, including Emirates airline and Dubai's biggest bank, Emirates NBD. It also owns the Emirates National Oil Corporation, holds a minority stake in developer Emaar Properties and in the Dubai Airport Free Zone and the World Trade Centre.
ICD's balance sheet remained above Dh1 trillion while assets and liabilities were down 1 per cent to Dh1,101.1bn and Dh862.7bn, respectively, mainly due to lower banking balances that offset the growth of non-banking operational balances, as well as a cautious approach to the use of capital expenditure.
The group’s share of equity decreased 1 per cent to Dh190.6bn.
“Our balance sheet stayed resilient despite the significant volatility of the global economy," said Mr Al Shaibani.
The group is “well positioned to benefit further from new opportunities”, he said.
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Killing of Qassem Suleimani
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Dolittle
Director: Stephen Gaghan
Stars: Robert Downey Jr, Michael Sheen
One-and-a-half out of five stars
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
How Islam's view of posthumous transplant surgery changed
Transplants from the deceased have been carried out in hospitals across the globe for decades, but in some countries in the Middle East, including the UAE, the practise was banned until relatively recently.
Opinion has been divided as to whether organ donations from a deceased person is permissible in Islam.
The body is viewed as sacred, during and after death, thus prohibiting cremation and tattoos.
One school of thought viewed the removal of organs after death as equally impermissible.
That view has largely changed, and among scholars and indeed many in society, to be seen as permissible to save another life.
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
UAE currency: the story behind the money in your pockets
Day 4, Dubai Test: At a glance
Moment of the day Lahiru Gamage appeared to have been hard done by when he had his dismissal of Sami Aslam chalked off for a no-ball. Replays suggested he had not overstepped. No matter. Two balls later, the exact same combination – Gamage the bowler and Kusal Mendis at second slip – combined again to send Aslam back.
Stat of the day Haris Sohail took three wickets for one run in the only over he bowled, to end the Sri Lanka second innings in a hurry. That was as many as he had managed in total in his 10-year, 58-match first-class career to date. It was also the first time a bowler had taken three wickets having bowled just one over in an innings in Tests.
The verdict Just 119 more and with five wickets remaining seems like a perfectly attainable target for Pakistan. Factor in the fact the pitch is worn, is turning prodigiously, and that Sri Lanka’s seam bowlers have also been finding the strip to their liking, it is apparent the task is still a tough one. Still, though, thanks to Asad Shafiq and Sarfraz Ahmed, it is possible.
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
SPECS
Nissan 370z Nismo
Engine: 3.7-litre V6
Transmission: seven-speed automatic
Power: 363hp
Torque: 560Nm
Price: Dh184,500
MATCH INFO
Uefa Champions League, semi-final result:
Liverpool 4-0 Barcelona
Liverpool win 4-3 on aggregate
Champions Legaue final: June 1, Madrid
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
SPEC%20SHEET%3A%20NOTHING%20PHONE%20(2)
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F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
The specs: 2017 Dodge Viper SRT
Price, base / as tested Dh460,000
Engine 8.4L V10
Transmission Six-speed manual
Power 645hp @ 6,200rpm
Torque 813Nm @ 5,000rpm
Fuel economy, combined 16.8L / 100km
