The Investment Corporation of Dubai, the government’s main investment arm, reported a 68 per cent increase in 2023 net profit this week, buoyed by its transportation, banking and financial services assets.

ICD, which owns the Emirates airline and holdings in companies such as Dubai lender Emirates NBD (ENBD.DU), Emaar Properties and the Emirates National Oil Company, posted a record high net profit of 60.8 billion dirhams ($16.56 billion).

About 10.4 billion dirhams was attributable to non-controlling interests.

Strong regional economic momentum and increased competitiveness of ICD’s businesses led to “higher margins and performance of our portfolio companies operating in the Transportation, Banking and Financial Services, and Other segments,” Managing Director Mohammed Ibrahim Al Shaibani was quoted as saying in the statement.

Revenue rose 16 per cent to 310.2 billion dirhams, while assets grew by 12 per cent to a new record high of 1.322 trillion dirhams.