Abu Dhabi Developmental Holding Co. (ADQ) published its 2023 financials on Monday, revealing that the assets of sovereign wealth fund made a net profit for 2023 of 16.1 billion dirhams ($4.3 billion) compared to AED12.2 billion in 2022.

The fund employs 85,000 people in the UAE and has directly contributed 10% to the emirate’s non-oil economy while supporting 22% of wider non-oil GDP.

ADQ has more than 25 portfolio companies and its key economy clusters include Energy & Utilities, Food & Agriculture and Healthcare and Lifesciences 

ADQ's 2023 financial highlights

1) Revenue was AED 111.7 billion in 2023 compared to AED 99.6 billion in 2022

2) Profit for the year was AED 16.1 billion in 2023 compared to total comprehensive income of AED12.2 billion in 2022.

3) Total assets were at AED 720.5 billion compared to AED 609.6 billion in 2022

4) Total liabilities were AED 358.4 billion compared to AED 331 billion in 2022

5) During 2023, the board of directors of the company approved the declaration of dividends to the shareholder, amounting to AED 4 billion.

Revenue recognised comprises revenue from supply and distribution of water, electricity and wastewater, oil and gas, sale of goods, exhibition and related services, health and insurance services, rental and port and marine services.

"Our activities played an instrumental role in driving overall domestic investment and spending. In 2023, we relentlessly pursued sustainable growth that drives Abu Dhabi’s economic resilience for future generations," ADQ Managing Director and CEO Mohamed Hassan Alsuwaidi, said in its consolidated financial statements for 2023. 

"We achieved several milestones that underscore our commitment to strengthening our priority and emerging clusters. By harnessing the cluster effect, we have continued to create value, investing in companies that champion core sectors of Abu Dhabi’s economy," he added.

(Reporting by Seban Scaria seban.scaria@lseg.com; editing by Daniel Luiz)