{"id":92543,"date":"2024-05-30T00:00:00","date_gmt":"2024-05-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/icd-binghatti-see-bottomline-growth-in-2023\/"},"modified":"2024-05-30T00:00:00","modified_gmt":"2024-05-30T00:00:00","slug":"icd-binghatti-see-bottomline-growth-in-2023","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/05\/30\/icd-binghatti-see-bottomline-growth-in-2023\/","title":{"rendered":"ICD, Binghatti see bottomline growth in 2023"},"content":{"rendered":"<p class=\"tag-border-left\">ICD-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The Investment Corporation of Dubai's (ICD) net income rose 68% y-o-y to <\/strong><strong>an all-time high of AED <\/strong><strong>60.8 bn in 2023<\/strong>, on the back of growth in the hospitality and real estate sectors, it said in an <a target=\"_blank\" href=\"https:\/\/icd.gov.ae\/the-group-announces-its-best-ever-performance-well-above-last-years-record\/\" style=\"\" rel=\"noopener\">earnings release<\/a>. The Dubai government\u2019s investment arm booked a record AED 310.2 bn in revenues, climbing 16% y-o-y during the year on the back of \u201chigher passenger traffic in transportation as well as the asset growth and higher interest rates in banking and financial services.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Breakdown: <\/strong>ICD\u2019s revenues from its transportation segment rose 119% y-o-y, while revenues from its banking and financial services segment climbed 69% y-o-y. The state investor logged lower oil and gas revenues during the year, driven by the decline in global oil prices.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICD\u2019s assets also grew 12% y-o-y to a record AED 1.32 tn, <\/strong>with banking assets climbing 16% y-o-y. Non-banking operations assets increased 5% y-o-y while reducing their indebtedness.<\/p>\n<p class=\"tag-border-left\">BINGHATTI- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Binghatti\u2019s bottom line rose 138.8% y-o-y to AED 726.3 mn in 2023, <\/strong>according to its consolidated <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/2411.pdf\" style=\"\" rel=\"noopener\">financial statements (pdf)<\/a>. The Dubai-based property developer\u2019s revenues during the period more than doubled to AED 2.13 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Dividends: <\/strong>Binghatti will distribute AED 172.5 mn in dividends, \u201coffsetting an additional contribution from shareholder of AED 92.6 mn and a net payable balance to shareholder amounting to AED 79.9 mn.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ICD saw its net income hit a fresh record, while Binghatti\u2019s top line more than doubled in 2023<\/p>\n","protected":false},"author":1,"featured_media":92544,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1596],"tags":[920,237,7,1683,98],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-92543","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-binghatti","tag-earnings-watch","tag-enterpriseam-uae","tag-investment-corporation-of-dubai","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"de4a3c96-4b6f-43f2-9ae1-fa7a26addbf4","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/2795.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Binghatti, ICD see bottomline growth in 2023","related_issue":[92531],"teaser":"ICD saw its net income hit a fresh record, while Binghatti\u2019s top line more than doubled in 2023","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.17a6181e-0bbf-4269-bc49-5a2dcdb6d999.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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