UK warns against travel to Uganda park after deadly attack

The UK government on Wednesday warned its citizens to avoid travel to a popular Ugandan park where two tourists, including a Briton, and their local guide were killed in an attack blamed on a notorious militia group.

The trio were targeted on Tuesday by gunmen as they were on safari in Queen Elizabeth National Park in southwestern Uganda and their vehicle set on fire, police and park officials said.

Britain’s Foreign Office said it “advises against all but essential travel” to the park, a tourist magnet where lions are known for their unusual ability to climb trees.

“If you are able to do so safely, you should consider leaving the area.”

Uganda’s wildlife authority identified the two other victims as a South African holidaymaker and a Ugandan guide.

Source: The East African.  

Dubai Department of Economy and Tourism builds AI engagement platform

As part of its ultimate aim of making the UAE’s leading city the world’s leading commercial centre, investment hub and tourism destination, Dubai’s Department of Economy and Tourism (DET) has partnered with customer experience solutions provider Avaya to build out an artificial intelligence (AI)-powered platform that will streamline the creation of business licenses in the emirate of Dubai.

The initiative with Avaya will support efforts towards realising the goals of the Dubai Economic Agenda, D33, of doubling the size of Dubai’s economy over the next decade and consolidating its position among the top three global cities. It will help digitise the process of business licence applications, using AI to solve the most common pain points in the journey, and providing instant digital access to experts on demand.

Dubai’s DET is the principal authority for planning, supervising, developing and marketing Dubai’s business and tourism sectors. It is also responsible for licensing and classifying all types of businesses, including hotels, tour operators and travel agents. The DET portfolio includes Dubai Economic Development Corporation (DEDC), Dubai Business Licence Corporation (DBLC), Dubai Corporation for Consumer Protection and Fair Trade (DCCPFT), Dubai SME, Dubai Corporation for Tourism and Commerce Marketing (DCTCM), Dubai Festivals and Retail Establishment (DFRE) and Dubai College of Tourism (DCT).  

DET is mandated to support the government in positioning the emirate as a major hub for global economy and tourism, and in boosting the city’s economic and tourism competitiveness indicators, in line with the goals of the D33, which aims to double the size of the emirate’s economy and consolidate its position among the top three global cities over the next decade.

Under its remit, DET is driving efforts to further enhance Dubai’s diversified, innovative service-based economy to attract top global talent, deliver a world-class business environment and accelerate productivity growth. Additionally, DET is supporting Dubai’s vision to become “the world’s best city to live and work in” by promoting a diverse destination proposition that it says includes unique lifestyle and a high quality of life.

The digital-first solution customised for DET’s requirements will aim to deliver an integrated experience between customers and DET advisors across a range of digital channels. An intelligent chatbot, fed by an advanced knowledge management system, will deliver self-service tools designed to automate the most common service requests for both internal and external users.

“Our goal is to position Dubai as a global centre for business, investment and tourism, and we are doing this by supporting the evolution of the city through supportive tourism initiatives and future-proof economic programmes,” said Ahmed Al Falasi, CEO of Dubai Business Licensing Corporation, Dubai Department of Economy and Tourism. “The adoption of this new customer contact platform will streamline the delivery of business licences in Dubai, making the emirate an even more attractive destination for economic activity in line with the D33 agenda.”

Avaya communications technology will also look to help DET adopt a digital-first approach to customer happiness, giving Dubai investors direct access to advisors over video from anywhere in the world. Finally, an advanced, AI-enabled analytics tools will enable DET to identify problem areas in the customer journey and enable managers to act quickly on solving them.

“DET is a best-in-class organisation that is investing heavily in the future, and going about it in the right way,” added Nidal Abou-Ltaif, senior vice-president – global head of sales at Avaya, and president of Avaya International. “By taking a staged approach to innovation, DET will be able to automate key points in the customer journey, before delivering a fully AI-powered suite of services that will transform experiences in the business set-up process. We’re proud to support DET as the organisation moves towards its D33 goals.”

Source: Computer weekly

Ethiopian Airlines reclaims ‘Africa’s Leading Airline’ title at World Travel Awards 2023

Ethiopian Airlines was on Sunday named “Africa’s Leading Airline” at the 2023 World Travel Awards held in Dubai for Africa and Indian ocean regions.

Africa’s largest airline lost the title to Kenya Airways in 2021 which went on to win it for two consecutive years. Before that, the Ethiopian airline had held the coveted title for three consecutive years beginning in 2018 having wrested it from Kenya Airways.

Ethiopian Airlines was also awarded as Africa’s “Best Business Class” and “Leading Airline Brand” for 2023. It flies to more than 150 domestic and international destinations in five continents.

Kenya Airways took home the 2023 “Africa’s Leading Airline – Economy Class,” while its wholly-owned subsidiary Jambojet took home the crown of “Africa’s Leading Low-Cost Airline.”

The World Travel Awards (WTA) were established in 1993 to celebrate what it calls “excellence across all key sectors of the travel, tourism and hospitality industries.”

Since the founding of WTA, South African Airways held the “Africa’s Leading Airline” title for 22 consecutive years starting in 1994 when Kenya Airways dislodged it 2016.

With Sunday’s win by Ethiopian Airlines, the two airlines have now each won it four times.

Since that 2016 ouster, only Ethiopian Airlines and Kenya Airways have held the World Travel Awards title for the best airline in Africa.

At the time of this writing Ethiopian Airlines had not yet responded to a request for a statement on their latest win.

Cape Town International Airport in South Africa was named “Africa’s Leading Airport” for 2023.

According to the WTA, qualified executives that work in the travel and tourism industry along with travel buyers participate in year-long worldwide online voting process to determine the winners of the various categories.

The African Airlines Association (AFRAA) said in the second quarter of this year that air travel in Africa has continued to make a “robust recovery” post-pandemic and that as of the second quarter, air travel on the continent had reached 94.8% of 2019 levels.

According to a report released in early 2023 looking at the effects of the pandemic on airline travel on the continent, AFRAA said African airlines lost $3.5 billion in revenue in 2022 and $8.6 billion in 2021.

Other notable wins at the World Travel Awards 2023

Below is a non-exhaustive list of award winners that caught our attention:

Africa’s Most Romantic Resort – Anantara Bazaruto Island Resort, Mozambique

Africa’s Leading Business Travel Destination – Nairobi, Kenya

Africa’s Leading Business Hotel – Transcorp Hilton Abuja, Nigeria

Africa’s Leading Airport Hotel – Four Points by Sheraton Nairobi Airport, Kenya

Africa’s Leading Luxury Hotel – The Silo Hotel, South Africa

Africa’s Leading Luxury Resort – One&Only Cape Town, South Africa

Africa’s Leading Green Hotel – Cheetah Plains, South Africa

Africa’s Leading Private Island Resort – Manda Bay, Kenya

Africa’s Leading Luxury Island – Thanda Island, Tanzania

Africa’s Leading National Park – Serengeti National Park, Tanzania

Africa’s Leading Conference Hotel – Radisson Blu Hotel & Convention Centre, Rwanda

Africa’s Leading Tourist Attraction – Ngorongoro Conservation Area, Tanzania

Africa’s Leading Beach Destination – Diani Beach, Kenya

Africa’s Leading Beach Resort – Swahili Beach, Kenya

Africa’s Leading Family Resort – Baobab Beach Resort & Spa, Kenya

Africa’s Leading City Destination – Cape Town, South Africa

Africa’s Leading Cruise Port – Port of Cape Town, South Africa

Africa’s Leading Casino Resort – Mazagan Beach & Golf Resort, Morocco

Africa’s Leading Destination – Kenya

Source: Mshale

Major airlines suspend flights after attack on Israel

Major international air carriers suspended or scaled back flights to or from Tel Aviv, while Russia banned night flights to Israel, after a surprise attack by Hamas militants over the weekend and a threat of escalating conflict raised safety concerns.

About 50% of scheduled Tel Aviv flights did not operate on Sunday and a third were cancelled on Monday as of Monday evening in Israel, according to Flightradar24, a flight tracking website.

U.S. air carriers United Airlines (UAL.O) and American Airlines (AAL.O) suspended direct flights to Israel after the Federal Aviation Administration urged airlines to exercise caution. Delta Air Lines (DAL.N) said on Monday it would cancel flights to and from Israel until the end of the month.

Many European airlines have also cancelled flights. Israel’s national carrier El Al (ELAL.TA) was the exception – adding more flights to bring reservists back from around the world to assist in the country’s biggest mobilization in history.

Fighters from Islamist group Hamas killed at least 900 people and abducted dozens of hostages in Saturday’s attacks, the deadliest such incursion in decades, prompting Israel to retaliate by pounding the Palestinian enclave of Gaza.

Israel’s tourism sector, driven by beach- and party-goers in Tel Aviv and historical tours to sites like Jerusalem, is set to take a major hit as flight cancellations pile up. Tourism makes up 3.6% of total employment, according to OECD data.

U.S. cruise operators Royal Caribbean (RCL.N) and Carnival (CCL.N) said they had “adjusted” their itineraries in the Israel area.

“So far clients haven’t been cancelling, but they are being more precautious about travelling. We’ve been getting a lot of inquiries about safety,” said Matt Berna, Americas President of Intrepid Travel, a group tour and travel company.

Regulators including the FAA, the European Union Aviation Safety Agency and Israel’s aviation authority urged airlines to use caution in the region’s airspace, but stopped short of suspending flights.

Russia, though, restricted flights from going to Israel before 0900 GMT due to what it called an “unstable political and military situation” and advised airlines to monitor risks during daylight.

Israel’s civil aviation authority asked airlines to “review current security and threat information” and changed some air traffic routes. It noted that delays were expected and advised airlines to carry extra fuel.

U.S. airlines normally run direct services from major cities including New York, Chicago, Washington and Miami.

Among the three U.S. carriers, United has the biggest exposure. In the quarter through December, Israel accounted for 1.9% of its planned global capacity, according to a Reuters analysis of Cirium data. American Airlines has the lowest exposure, with Israel accounting for 0.4% of its global capacity in the same period.

U.S. airline stocks fell Monday, with Delta closing down 4.6%, American down 4% and United off 4.9%.

AIRLINE RESPONSES

In Europe, Air France (AIRF.PA), Portugal’s TAP and Finland’s Finnair (FIA1S.HE) suspended direct flights. Norwegian Air (NAS.OL) cancelled its flights from Copenhagen and Stockholm to Tel Aviv this week and Ryanair (RYA.I) cancelled flights through to Wednesday.

Britain’s easyJet (EZJ.L) halted flights to Tel Aviv on Sunday and Monday, and said it would adjust the timings of flights over the next few days.

Hungarian budget carrier Wizz Air (WIZZ.L) cancelled flights to and from Tel Aviv until further notice.

“Wizz Air is the most affected group with its operations accounting for some 9.4% of Israel’s total October capacity and … representing some 2.3% of the carrier’s total schedules,” Irish brokerage Goodbody said.

Lufthansa (LHAG.DE), also among the airlines most exposed to Israel according to Goodbody, cancelled flights to and from Tel Aviv through Monday.

Virgin Atlantic said it would continue to run some flights but that customers could rebook or request a refund until Oct. 15.

Shares in British airlines fell on Monday as the conflict led oil prices higher, with fuel one of the biggest costs for carriers. British Airways-owner IAG (ICAG.L), Wizz Air and easyJet all closed down around 6%.

Hainan Airlines (600221.SS), the only Chinese airline to fly between China and Israel, and other airlines flying from Hong Kong and South Korea cancelled flights to Tel Aviv.

Hainan said it would continue flights linking Beijing and the southern tech hub of Shenzhen with Tel Aviv.

EgyptAir flights between Cairo and Tel Aviv have been suspended indefinitely.

Source: Reuters.

Tourism: More airlines increase flight frequencies to Seychelles Islands

Seychelles is becoming more accessible to visitors from other parts of the world with an increase in airline connections and flight frequencies, said Tourism Seychelles, the marketing arm of the tourism department

Last Saturday, Condor Airlines resumed seasonal flights to Seychelles with a new innovative aircraft, the Airbus A330Neo-900. The charter airline links Seychelles directly to Frankfurt in Germany.

Condor will operate a weekly direct flight enhancing the connection between Germany and Seychelles and from November 21 to March 12, 2024, it will add an additional weekly flight to the route.

Edelweiss Airline, the renowned Swiss leisure carrier, also resumed operations with a weekly direct flight from Zurich to Seychelles.

Another European carrier, Turkish Airlines, will operate three weekly flights end of October connecting Seychelles to Istanbul.

Ethiopian Airlines, one of Africa’s leading carriers, is set to increase its flight frequency to Seychelles to twice daily flights in October giving more options for travellers from various parts of the world including the African continent.  

Emirates remains the leading carrier for travellers to Seychelles, currently maintaining seven flights weekly and resuming its double daily flights as of October.

Meanwhile, Aeroflot, Russia’s national airline, will expand travel frequency to Seychelles as of October 16. The airline will have three weekly flights connecting Moscow directly to Seychelles, making sure that the Eastern European country remains among the top source markets for the island.

The new flight connections are expected to increase visitors’ arrivals to Seychelles in the fourth quarter.

The director general for Destination Marketing, Bernadette Willemin, said, “It gives us great pleasure to witness the surge in flight connections between Seychelles and crucial markets. The Seychelles Islands have always been known for their unparalleled natural beauty and vibrant culture and with these new connections, we eagerly anticipate welcoming travellers from across the globe to experience our unique paradise.”

The figures released by the National Bureau of Statistics on September 7, show that a total of 28,177 visitors arrived in Seychelles in August 2023, representing a decrease of 4 percent compared to August 2022. However, year to date figures show that 229,205 visitors disembarked in Seychelles compared to 216,777 over the same period in 2022.  

Tourism is the top contributor to the economy of Seychelles, an archipelago in the western Indian Ocean.

Seychelles is currently served by five additional airlines – Air Seychelles, Qatar Airways, Etihad Airways, Air Austral and Kenya Airways.

Source: Seychelles News Agency.

Niger Bans Air France & All Other French Aircraft from Its Airspace

Nearly four weeks after re-opening its airspace to international flights, the Republic of Niger has banned all French aircraft, including the Air France fleet, from operating there. Meanwhile, French President Emmanuel Macron says that France will withdraw troops and end military cooperation with the West African country.

Niger Airspace restrictions

Niger’s airspace was closed entirely for all flights on August 6 following a military coup, which saw the ousting of the democratically elected President Mohamed Bazoum. The airspace was eventually opened on September 4, allowing several airlines to fly over the country and return to Niamey.

However, the country has issued a new restriction affecting French commercial and military flight operations. This was stated in a letter from the Presidency of the Republic of Niger, per a statement sent to the Agency for Air Navigation Safety in Africa (ASECNA) on September 23. Part of the statement read;

“Niger has decided to restrict access to its airspace. This remains open to all national commercial flights and international aircraft, with the exception of French aircraft and those chartered by France, including the Air France fleet.”

“In addition, all operational military flights and special flights remain prohibited unless exceptionally authorized by the authorities”

The Presidency added that this decision reflects the wishes of the people of Niger, through the government’s voice, to regain control of the country’s airspace. We contacted Air France for a comment, but it had not been available at the time of publication.

Operations in West Africa

West Africa has been a very important market for the French national carrier for years. Following the closure of the Nigerien airspace, Air France suspended flights to Niamey (Niger), Bamako (Mali), and Ouagadougou (Burkina Faso) due to safety concerns.

Consequently, the civil aviation authorities of Mali and Burkina Faso canceled the airline’s authorization to operate its summer 2023 flights, citing its failure of prior notification, which resulted in passenger inconveniences. From Paris Charles de Gaulle (CDG), AF operated daily flights to Bamako, four weekly to Niamey, and three weekly to Ouagadougou with its Boeing 777 and Airbus A330 aircraft.

The French airline has not returned to these destinations, and the new restriction issued by Niger will further affect its operations in West Africa. Meanwhile, it continues to fly to other destinations in the region, including Abidjan (ABJ), Accra (ACC), Dakar (DSS), and Lagos (LOS).

Flying to and over Niger

When the country’s airspace was shut nearly two months ago, airline operations in and around the continent were severely affected, especially those flying between Europe and Sub-saharan Africa. Many carriers were forced to cancel flights, replan schedules, and reroute via other countries.

Since September 4, some carriers have resumed flights to Niamey Diori Hamani International Airport (NIM), including Ethiopian Airlines, Royal Air Maroc, and Turkish Airlines.

Similarly, airlines rerouting via other countries have begun flying over Niger again. For example, British Airways’ A380 Johannesburg-London service, which was forced to fly over Gabon, the Gulf of Guinea, and Ghana, to mention a few, has resumed operations through Nigerien Airspace.

Source: Simpleflying

Global passenger traffic now 95% of pre-pandemic level

The International Air Transport Association (IATA) announced that the post-COVID recovery momentum has continued in July for air travel passenger markets.

Total traffic in July 2023 (measured in revenue passenger kilometers or RPKs) rose 26.2% compared to July 2022. Globally, traffic is now at 95.6% of pre-COVID levels.

July 2023 Air Travel

The statistics for July 2023 show that recovery of traffic continues with strong momentum. When measured in revenue passenger kilometers (RPKs), total traffic saw a sound increase of 26.2% compared to the same month in the previous year, July 2022.

Globally, the traffic has now reached 95.6% of the pre-COVID levels, signaling a significant return to normalcy.

Domestic Travel on the Rise

July witnessed a remarkable rise in domestic traffic, soaring by 21.5% when compared to July 2022. Even more encouraging is the fact that it exceeded July 2019 results by 8.3%, indicating that domestic travel has not only recovered but has surpassed pre-pandemic levels.

Notably, July RPKs reached their highest-ever recorded figures, primarily driven by a surge in demand within the Chinese domestic market.

International Travel Resurgence

International traffic recorded an impressive growth of 29.6% compared to the same month in the previous year. This positive trend was observed across all markets, with international RPKs reaching 88.7% of the levels seen in July 2019.

The passenger load factor (PLF) for the industry reached an all-time high of 85.7% for international travel.

Strong Outlook and Confidence

Willie Walsh, IATA’s Director General, expressed optimism about the ongoing recovery. He noted, “Planes were full during July as people continue to travel in ever greater numbers.”

“Importantly, forward ticket sales indicate that traveler confidence remains high. And there is every reason to be optimistic about the continuing recovery.”

Regional Highlights


Asia-Pacific Airlines: Leading the Recovery

Asia-Pacific airlines continued to lead the global recovery, with a staggering 105.8% increase in traffic in July 2023 compared to the same month in 2022.

Capacity also saw substantial growth, rising by 96.2%, while the load factor increased by 3.9 percentage points to reach 84.5%.

European Carriers: Steady Growth

European carriers witnessed a steady growth in July traffic, recording a 13.8% rise compared to July 2022. Capacity increased by 13.6%, and the load factor edged up by 0.1 percentage points to reach 87.0%.

Middle Eastern Airlines: Positive Trajectory

Middle Eastern airlines posted a significant traffic increase of 22.6% in July 2023 compared to the same month in the previous year. Capacity rose by 22.1%, and the load factor climbed by 0.3 percentage points to 82.6%.

North American Carriers: Consistent High Demand

North American carriers experienced a 17.7% rise in traffic in July 2023 compared to the same period in 2022.

Capacity increased by 17.2%, and the load factor improved by 0.3 percentage points to reach an impressive 90.3%, the highest among all regions for the second consecutive month.

Latin American Airlines: Strong Recovery

Latin American airlines showed robust recovery, with traffic rising by 25.3% compared to July 2022. July capacity climbed by 21.2%, and the load factor rose by 2.9 percentage points to reach 89.1%.

African Airlines: Mixed Performance

African airlines experienced a traffic increase of 25.6% in July 2023 compared to the same month a year ago, making it the second-highest percentage gain among all regions.

However, the load factor fell by 1.0 percentage point to 73.9%, the lowest among all regions. For a second consecutive month, Africa was the only region where capacity growth outpaced traffic demand.

Challenges in Infrastructure and Government Decisions


While the aviation industry and air travel is witnessing a robust recovery, some critical challenges remain. Willie Walsh pointed out, “The Northern Hemisphere summer is living up to expectations for very strong traffic demand.”

“While the industry was largely prepared to accommodate a return to pre-pandemic levels of operations, unfortunately, the same cannot be said for our infrastructure providers.”

Performance issues with key air navigation services providers, including insufficient staffing and failures like NATS in the UK, have raised concerns that need prompt correction.

Additionally, some governments, such as Mexico and the Netherlands, have made decisions to impose capacity cuts at their major hubs, potentially leading to job losses and damage to local and national economies.

Source: Aviation source news.

UAE lifts visa ban on Nigerians, resumes flight operations

Nigerians are praising the lifting of a visa ban by the United Arab Emirates following a meeting in Abu Dhabi this week between President Bola Tinubu and United Arab Emirates President Mohamed bin Zayed Al Nahyan.

Nigerian authorities also secured an investment deal worth billions of dollars, according to the presidency.

Nigerian presidential spokesperson Ajuri Ngelale said Nigeria and the United Arab Emirates have established a framework for investments worth billions of dollars across multiple sectors, including defense and agriculture.

Speaking to Lagos-based Channels Television, Ngelale said the pact also resulted in the immediate lifting of a visa ban imposed by the UAE in October 2022.

“What we’ve done today is to not only normalize relations but then to add new dimensions to that relationship or partnership that are mutually beneficial to both nations,” he said. “And I think as we move forward, the details of those investments will become clear.”

The UAE imposed the visa ban on Nigeria in connection with a number of diplomatic disputes.

Dubai’s Emirates airline also suspended flight operations to Nigeria over Abuja’s inability to send the UAE an estimated $85 million in revenue that Dubai said had been blocked in the African nation. The monies could not be repatriated due to dollar shortages.

Additionally, the UAE’s Etihad Airways stopped flights to Nigeria.

But Ngelale said Emirates and Etihad airlines are expected to resume operations immediately without any payment by the Nigerian government.

The spokesperson also said Tinubu successfully negotiated a new foreign exchange liquidity program with the UAE.

Nigerian experts such as economist Emeka Orji welcomed the president’s move as a step that could reverse negative economic trends.

“It should be a no-brainer for them to reverse it,” Orji said. “The major chunk of their tourism, whether it is education or for holidays, Nigeria would show up on the list of its major tourism income-earning countries.”

In a recent statement, the UAE’s official Emirates News Agency noted that its leader and Tinubu explored opportunities for further bilateral collaboration in areas that served the sustainable economic growth of both countries.

The statement, however, did not go into detail about the lifting of the visa ban on Nigerians and the resumption of flights.

Orji says there will be a positive impact.

“International relations between the two countries will likely lead to an increase in economic activity,” he said. “There may be some interest in investing in some sectors in Nigeria. That would be an obvious gain for Nigeria.”

For now, experts said they hope the new pact is fully implemented for both countries to benefit.

Source: VOA

DRC scraps visa requirements for Kenyans

Kenyan travelers will no longer need visas to visit the Democratic Republic of Congo (DRC). The DRC has recently lifted visa requirements for Kenyan citizens, reciprocating a similar move made by Kenya just five days earlier.

This development was officially announced by the Directorate General of Migration in the DRC. The change took effect on September 1, 2023, coinciding with Kenya’s decision to waive visa requirements for Congolese citizens traveling to Kenya.

The decision to remove visa requirements for Kenyans traveling to the DRC was made in accordance with the directives of the President. The DRC has moved Kenya from category 2 to category 1 in terms of visa requirements, aligning with the East African Community’s regulations on free movement of people among member states.

This move toward greater ease of travel follows a trend in Africa. President William Ruto had previously mentioned during the African Private Sector Dialogue Conference on Free Trade that this could be the last time African citizens would have to pay for visas to visit Kenya.

In recent months, Kenya has also announced visa-free travel for citizens of Indonesia, Comoros, and Senegal. Additionally, Kenya and Eritrea have agreed to permanently eliminate visa requirements for their respective citizens. Furthermore, Kenya has been actively pursuing visa-free arrangements with other countries, such as Djibouti, to promote trade and cooperation.

In another positive development, Kenyan passport holders can now enter South Africa without a visa, thanks to a new visa-free regime between the two nations. This arrangement was achieved through diplomatic efforts, with President Cyril Ramaphosa of South Africa playing a crucial role in the negotiations.

These changes mark significant steps towards facilitating travel and fostering greater cooperation between African nations, ultimately benefiting citizens and promoting regional integration.

Source: Africa News

Rwanda Looks to Dubai to Strengthen Luxury Hospitality

Rwanda is seeking to pick from Dubai’s experiences to energise the local high end hospitality sector.

President Paul Kagame on Friday hosted at Village Urugwiro Mohammed Al Shaibani, Managing Director of the Investment Corporation of Dubai and Chair of Kerzner International.

The two held, “a discussion on strengthening partnerships that are contributing to Rwanda’s growing luxury hospitality and eco-tourism sectors,” according to the Rwandan Presidency.

Established in 2006, the Investment Corporation of Dubai (ICD) is the principal investment arm of the Government of Dubai.

This investment corporation seeks to invest in attractive opportunities to achieve appropriate risk-adjusted returns over the long-term across a range of asset classes, sectors and geographies.

Currently the ICD boasts of 61Companies and has a footprint in 6 Continents, and 87 Countries.

ICD is involved with Banking & Finance Services,Transportation, Oil & Gas,Industrial, Hospitality & Leisure, Real Estate & Construction and also Retail & Other Holdings.

Meanwhile, the Investment Corporation of Dubai reported revenue of Dh267.4 billion for the year ended December 31, 2022, a 58 per cent increase compared to the year-ago period.

A significant surge in travel and tourism activities as well as a jump in oil and gas revenues helped the group post a net profit of Dh36.1 billion for the period. Net profit attributable to the equity holder was Dh29.8 billion.

Mohammed Ibrahim Al Shaibani, Managing Director, Investment Corporation of Dubai, said, “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.”

The group’s balance-sheet ended the year in a very favourable position, with improved asset quality, liquidity and leverage and a record equity base.

“Overall, the group emerges resilient and stronger than ever from a volatile period marked by geopolitical conflicts and rising interest rates.”

The Investment Corporation has airlines such as Emirates and flyDubai under its portfolio, along with top lenders such as Emirates NBD, Commercial Bank of Dubai and Dubai Islamic Bank.

Source: Taarifa