The Investment Corporation of Dubai (ICD), owner of many of Dubai’s corporate jewels, such as the Emirates airline, the airport duty-free business and Emaar, a property developer, has for the first time revealed financial results as part of a move to raise about $750m in its first Islamic bond issue.
The prospectus accompanying the sale revealed that revenues at ICD, a barometer of Dubai’s economic health, rose 18 per cent to $24.8bn in the second half of 2013, driven by increased airline passengers. Read more (subscription required)