News

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

Executive Interviews

INTERVIEW: Totally mega

Jun 13, 2018

In 2016, global consulting firm PWC forecast the emergence of five global ‘megatrends’ in the next two decades. Stephen Anderson, its Middle East clients and markets leader, talks about their...

INTERVIEW: Protecting the investment

Nov 23, 2017

Rasmala’s trade finance fund recently passed $100 million in assets. Doug Bitcon, head of credit strategies, explains why he has to be hands-on.

Roundtables

MENA ROUNDTABLE: ‘The story is about reforms’

Jun 13, 2018

Our cross-industry panel discuss the positive backdrop in Egypt, the Dana Gas controversy and the potential index upgrades of Saudi Arabia and Kuwait. Chaired by George Mitton in Dubai.

SOUTH AFRICA ROUNDTABLE: Airline syndrome

Jun 13, 2018

Our panellists tell us that instead of launching competing national projects, African countries should work together for the sake of a bigger capital market. Chaired by George Mitton in Cape Town.