Media reports had suggested the trip would begin as soon as Sunday and last two days
The increase in profitability was attributed to gains from the partial disposal of Network International Holdings and fair value measures of its remaining stake. Transportation units also performed well but contributions from oil and gas and aluminium production were lower.
Its revenues fell 1.9 per cent to Dh228 billion, impacted by energy and transport sectors, while profit attributable to the equity holders increased 10.7 per cent to Dh18 billion.
"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 and CEO of Investment Corporation of Dubai.
ICD is Dubai's biggest sovereign fund and its portfolio comprises some of the emirate's most recognised companies including Emirates Group, flydubai, Dubai Aerospace Enterprise, Emirates NBD, Dubai Islamic Bank, Commercial Bank of Dubai, Enoc, Dubal, Emirates Global Aluminium, Emaar, Dubai World Trade Centre, Atlantics The Palm and number of others.
Assets cross Dh1 trillion mark
Assets increased to a record Dh1.12 trillion, rising 27.5 per cent from the year-end 2018, while liabilities reached Dh869.7 billion, rising 35.6 per cent, driven by the acquisition of DenizBank as well as the implementation of new IFRS 16 regulations.
The group's share of equity increased by 3.5 per cent to Dh204.6 billion from 2018, despite Dh9.7 billion one-time adjustment relating to the adoption of IFRS 16.
"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," said Al Shaibani.
waheedabbas@khaleejtimes.com
Media reports had suggested the trip would begin as soon as Sunday and last two days
Visitors can enjoy movies with family favourites, including ‘The Jungle Book’, ‘Jumanji’ and ‘Zootopia’ to match the wild theme every evening from 8pm
Sheikh Mohamed conveyed his congratulations to all eight honourees, recognising their inspiring efforts and significant contributions in service to society
His father thanked everyone who participated in the search mission despite the challenges posed by flooding in various parts of the emirate
It will be humid by night and Sunday morning with a probability of mist formation over some coastal and internal areas
Nearly 6,000 volunteers linked to a single support group are working tirelessly across the country to help those affected
Real estate developer MAG pledges to cover all the costs of necessary repairs for affected residents
The substantial increase in charges left many residents financially burdened, as they strive to retrieve their stranded vehicles