Investment Corporation of Dubai (ICD), a government-controlled investment vehicle that holds stakes in some of the emirate’s top companies, reported a 3.7 per cent drop in profit last year as revenue from oil and gas products and services fell.

The profit attributable to equity holders of the company at the end of 2015 slipped to AED22.90bn ($6.24bn), from AED23.79bn the year before. Revenue from oil and gas products and services slumped to AED49.67bn at the end of 2015, compared with AED71.20bn in the year earlier, according to an ICD earnings statement posted on the Nasdaq Dubai stock exchange, where ICD’s conventional and sharia-compliant bonds are listed.

ICD holds stakes in some of the highest-profile companies in Dubai, including Emirates airline, developer Emaar Properties and lender Emirates NBD. In August 2015, the government also transferred 100 per cent ownership of low-cost carrier Flydubai to ICD through a decree by the emirate’s ruler.

Distributions totalling AED6.86bn were made to the government during 2015, up from AED2.77bn in 2014, according to the statement which did not give reasons for the increase.

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