Dubai’s ICD Sees Record 68% Profit Surge in 2023

Dubai’s Investment Corporation of Dubai (ICD), the emirate’s sovereign wealth fund, has marked a significant milestone with a 68% surge in its full-year profit for 2023.

ICD’s transportation business saw a staggering 119% increase in profits, while its banking and financial services enjoyed a 69% boost.

This surge is reflective of the strong economic momentum in the region, underscoring Dubai’s strategic importance as a financial and commercial hub.

ICD’s managing director, Mohammed Ibrahim Al Shaibani, highlighted the increased competitiveness and improved liquidity across the portfolio.

The fund’s assets grew by 12%, reaching AED 1.32 trillion (USD 359 billion), setting a new record.

Dubai’s sovereign wealth fund, the Investment Corporation of Dubai (ICD), reported a 68% increase in 2023 profit, reaching Dhs60.8bn.