Investment Corporation of Dubai (ICD) has generated AED10bn ($2.7bn) in net profit on the back of AED115bn revenue in the first half of 2018, the company said in a statement.

This marks a 3 per cent decrease in net profit and 23.4 per cent rise in revenue compared with the corresponding period last year.

MEED understands revenues grew across the firm’s operating segments “with the largest increases in oil and gas and transportation services”.

Net profit attributable to the equity holder of ICD was at AED7.5bn.

ICD said total assets increased to AED858.9bn, rising 1.7 per cent from year end 2017, due to an increase in loans and receivables in the banking and financial services sector, and growth in transportation services.

Liabilities increased to AED631.5bn, up 2.4 per cent from year end 2017, because of higher customer deposits in banking and financial services.

ICD said its share of equity was worth AED189.9bn at the end of the first half of 2018.

ICD maintains holdings in a number of sectors including real estate (Burj Khalifa, Dubai Mall, Dubai World Trade Centre); finance (Emirates NBD, Dubai Islamic Bank); transport (Emirates Airline, Dnata and Dubai Aerospace Enterprises); hospitality (Atlantis Resort on the Palm); and energy and industries (including Enoc, Ducab and Emirates Global Aluminium).