Dubai investment arm's net profits rise

The Investment Corporation of Dubai reported Wednesday a 16.9 percent rise in 2019 profit but anticipated "significant disruptions" ahead due to the coronavirus pandemic. The emirate's investment arm, which holds major stakes in a highly diversified portfolio, said it posted a 25 billion dirham ($6.8 billion) net profit compared to $5.8 billion in 2018.

Chaired by Sheikh Mohammed bin Rashid Al Maktoum, UAE vice president and ruler of Dubai, ICD owns giant firms like Emirates Airline, the largest in the Middle East, Emaar Properties, the region's biggest real estate firm, and UAE's second largest lender, Emirates NBD bank.

It said its revenues last year dropped by 1.9 percent year-on-year to $62 billion over a decline in income from the energy and transport sectors.

"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," CEO Mohammed Ibrahim Al Shaibani said.

The firm's assets last year rose to a record $305 billion from $240 billion in 2018.