Oil and gas boost for Dubai sovereign fund

Desert_oil_pumpsHigher oil and gas returns helped Investment Corporation of Dubai (ICD) post record revenues, an 11.6% increase in net income and a 13.8% increase in revenue for 2017. Net income reached $6.7 billion while revenue was recorded at $54.7 billion. The sovereign wealth fund attributed the record revenue to higher returns from its oil and gas services as well as a strong performance in transportation, banking and financial sectors and some new acquisitions.  The company’s assets rose by 9.7% to $229.3 billion, thanks largely to the acquisition of an aircraft leasing business and increased deposits in the banking sector. Executive director and chief executive Mohammed Ibrahim Al Shaibani welcomed the “record numbers” which he said reflects ICD’s focus on “growing its key businesses and achieving meaningful operational efficiencies that will support long-term growth and contribute to the prosperity of Dubai”. ©2018 funds global mena

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