Investment Corp. of Dubai, the Dubai government’s main investment arm, reported a net profit of 36.1 billion dirhams ($9.8 billion) for full-year 2022, up from AED 10 billion in the prior year, boosted by a surge in business activity and higher oil prices.

Revenues reached a record AED 267.4 billion, up 58%, ICD said in a statement on Wednesday. Overall, revenues grew faster than operational costs, boosting margins, it added.

Mohammed Ibrahim Al Shaibani, managing director of ICD, said the record revenues, earnings, assets and equity for the year 2022, were "truly exceptional".

"With the strong momentum in the Dubai economy, the ICD Group was able to further deploy its operational capacity in an agile manner and benefited both from a scale effect and a strong discipline on costs, producing its best ever performance," he said.

ICD’s portfolio spans across sectors. It owns Emirates airline and has stakes in various top companies including Emirates NBD, Commercial Bank of Dubai, Emaar Properties and Emirates National Oil Co.

(Writing by Brinda Darasha; editing by Imogen Lillywhite)