Investment Corporation of Dubai (ICD), the principal investment arm of the emirate’s government, reported a 17 per cent increase in net profit for 2019 following a strong performance from investments in banking and financial services as well as transportation businesses.
Net profit increased to Dh25 billion from the year-earlier period, ICD said in a statement on Tuesday . Profit attributable to its owner was up 11 per cent to Dh18bn, although revenue fell 2 per cent to Dh228bn due to a decline in oil and gas revenue and marginally lower transportation revenue.
“In 2019, ICD produced a very solid performance given the considerable challenges faced by the global economy and the effect that these have had on our businesses. The diversification of our activities and their resilience in volatile markets are two significant contributing factors when it comes to delivering consistent performance year-on-year," said Mohammed Ibrahim Al Shaibani, executive director of ICD.
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 Emirates National Oil Corporation, holds a minority stake in developer Emaar Properties and in the Dubai Airport Free Zone and the World Trade Centre.
In 2019, ICD's total assets passed the Dh1 trillion mark, growing by 27.5 per cent to Dh1.12tn. Liabilities also increased by 35.6 per cent to Dh869.7bn. Both increases were largely driven by Emirates NBD's acquisition of Denizbank, one of Turkey's biggest lenders with assets of 206bn Turkish lira (Dh111bn) at the end of 2019.
"The record asset level reached by ICD, well in excess of the Dh1tn mark, reflects the continued growth achieved by our key businesses over time and the scale of their operations," Mr Al Shaibani added.
Accounts showed that ICD generated more than Dh76bn worth of cash last year, and closed the period with cash and equivalents of Dh49.1bn, a 19 per cent increased from the prior-year period. Emirates airline held Dh20.2bn in cash and "entered this crisis in a strong position, having previously reported profits for the past 32 years" according to notes accompanying the accounts looking at the potential impact of Covid-19.
"In 2020, with the significant disruptions arising in the wake of the Covid-19 crisis, we are focused on adjusting our operations to preserve their ability to operate competitively when the health crisis subsides. We remain confident that ICD’s businesses can deliver sustainable returns over the long term for the prosperity of Dubai,” Mr Al Shaibani said.
Notes to the accounts also confirmed that following the passing of a law in February, ownership of the Dubai Multi Commodities Centre – one of the city's biggest free zones – is now with ICD.
Sting & Shaggy
44/876
(Interscope)
Venue: Sharjah Cricket Stadium
Date: Sunday, November 25
Killing of Qassem Suleimani
The specs: 2019 Haval H6
Price, base: Dh69,900
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Seven-speed automatic
Power: 197hp @ 5,500rpm
Torque: 315Nm @ 2,000rpm
Fuel economy, combined: 7.0L / 100km
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Getting there
The flights
Flydubai operates up to seven flights a week to Helsinki. Return fares to Helsinki from Dubai start from Dh1,545 in Economy and Dh7,560 in Business Class.
The stay
Golden Crown Igloos in Levi offer stays from Dh1,215 per person per night for a superior igloo; www.leviniglut.net
Panorama Hotel in Levi is conveniently located at the top of Levi fell, a short walk from the gondola. Stays start from Dh292 per night based on two people sharing; www. golevi.fi/en/accommodation/hotel-levi-panorama
Arctic Treehouse Hotel in Rovaniemi offers stays from Dh1,379 per night based on two people sharing; www.arctictreehousehotel.com
Seven tips from Emirates NBD
1. Never respond to e-mails, calls or messages asking for account, card or internet banking details
2. Never store a card PIN (personal identification number) in your mobile or in your wallet
3. Ensure online shopping websites are secure and verified before providing card details
4. Change passwords periodically as a precautionary measure
5. Never share authentication data such as passwords, card PINs and OTPs (one-time passwords) with third parties
6. Track bank notifications regarding transaction discrepancies
7. Report lost or stolen debit and credit cards immediately
Iran's dirty tricks to dodge sanctions
There’s increased scrutiny on the tricks being used to keep commodities flowing to and from blacklisted countries. Here’s a description of how some work.
1 Going Dark
A common method to transport Iranian oil with stealth is to turn off the Automatic Identification System, an electronic device that pinpoints a ship’s location. Known as going dark, a vessel flicks the switch before berthing and typically reappears days later, masking the location of its load or discharge port.
2. Ship-to-Ship Transfers
A first vessel will take its clandestine cargo away from the country in question before transferring it to a waiting ship, all of this happening out of sight. The vessels will then sail in different directions. For about a third of Iranian exports, more than one tanker typically handles a load before it’s delivered to its final destination, analysts say.
3. Fake Destinations
Signaling the wrong destination to load or unload is another technique. Ships that intend to take cargo from Iran may indicate their loading ports in sanction-free places like Iraq. Ships can keep changing their destinations and end up not berthing at any of them.
4. Rebranded Barrels
Iranian barrels can also be rebranded as oil from a nation free from sanctions such as Iraq. The countries share fields along their border and the crude has similar characteristics. Oil from these deposits can be trucked out to another port and documents forged to hide Iran as the origin.
* Bloomberg
Teaching in coronavirus times
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Stage result
1. Pascal Ackermann (GER) Bora-Hansgrohe, in 3:29.09
2. Caleb Ewan (AUS) Lotto-Soudal
3. Rudy Barbier (FRA) Israel Start-Up Nation
4. Dylan Groenewegen (NED) Jumbo-Visma
5. Luka Mezgec (SLO) Mitchelton-Scott
6. Alberto Dainese (ITA) Sunweb
7. Jakub Mareczko (ITA) CCC
8. Max Walscheid (GER) NTT
9. José Rojas (ESP) Movistar
10. Andrea Vendrame (ITA) Ag2r La Mondiale, all at same time
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The five pillars of Islam
Killing of Qassem Suleimani
KILLING OF QASSEM SULEIMANI
The years Ramadan fell in May
MATCH INFO
Manchester City 6 Huddersfield Town 1
Man City: Agüero (25', 35', 75'), Jesus (31'), Silva (48'), Kongolo (84' og)
Huddersfield: Stankovic (43')
