November 29, 2017 / 9:32 AM / in a year

Investment Corp of Dubai reports steady H1 net profit

DUBAI, Nov 29 (Reuters) - Investment Corporation of Dubai’s (ICD) first-half net profit rose 0.3 percent to 10.3 billion dirhams ($2.8 billion), the Dubai government’s main investment arm said on Wednesday.

ICD benefited from higher commodity prices and continued strength in banking and financial services, it said in a statement.

ICD, whose portfolio includes stakes in companies such as Emirates Airline and Emirates NBD, registered a 13.1 percent rise in revenue to 93.2 billion dirhams.

The largest increases in revenue were in oil and gas and transportation services, it said.

ICD said its assets stood at 786.8 billion dirhams as of June 30, up 2.2 percent from the end of 2016, helped by an increase in loans and receivables in banking and financial services and by its acquisition of UAE-based ALEC Engineering & Contracting.

$1 = 3.6729 UAE dirham Reporting by Davide Barbuscia; editing by Jason Neely

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