The Investment Corporation of Dubai (ICD), the sovereign wealth fund that has stakes in companies such as Emirates airline and Emirates NBD, said its net profit fell by 3.8 per cent last year, as income from its discontinued operations fell.
Net income attributable to shareholders declined to Dh22.9 billion compared with Dh23.8bn in 2014, ICD said yesterday.
Profit from discontinued operations declined to Dh2.29bn compared with Dh6.16bn in 2014, it said. Revenue from oil and gas and services fell to Dh49.67bn in 2015 from Dh71.2bn a year earlier.
ICD integrated its stake in Dubai Aluminium into Abu Dhabi-based Emirates Global Aluminium in 2013, to create one of the world’s biggest aluminium companies.
The corporation received Dh16.1bn for its share. The payment was received partly in cash – Dh7bn – and partly in the form of a 50 per cent stake in EGA.
Dubai has fared well because it is not as reliant on hydrocarbons. The UAE as a whole is also trying to boost non-oil industries such as EGA.
This push comes at a time when many Arabian Gulf countries are seeking to transform their economies to make them less dependent on oil.
Sultan Al Mansouri, the Minister of Economy, said last year that the UAE as a whole was aiming to nearly double the manufacturing industry’s share of the economy from 11 per cent to 20 per cent by 2025.
mkassem@thenational.ae
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Saturday's results
Brighton 1-1 Leicester City
Everton 1-0 Cardiff City
Manchester United 0-0 Crystal Palace
Watford 0-3 Liverpool
West Ham United 0-4 Manchester City
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
MATCH INFO
Manchester United v Everton
Where: Old Trafford, Manchester
When: Sunday, kick-off 7pm (UAE)
How to watch: Live on BeIN Sports 11HD
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
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The biog
Favourite book: You Are the Placebo – Making your mind matter, by Dr Joe Dispenza
Hobby: Running and watching Welsh rugby
Travel destination: Cyprus in the summer
Life goals: To be an aspirational and passionate University educator, enjoy life, be healthy and be the best dad possible.
Afghanistan squad
Gulbadin Naib (captain), Mohammad Shahzad (wicketkeeper), Noor Ali Zadran, Hazratullah Zazai, Rahmat Shah, Asghar Afghan, Hashmatullah Shahidi, Najibullah Zadran, Samiullah Shinwari, Mohammad Nabi, Rashid Khan, Dawlat Zadran, Aftab Alam, Hamid Hassan, Mujeeb Ur Rahman.
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
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Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
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The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
COMPANY%20PROFILE
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