# Investment Corporation of Dubai

Investment Corporation of Dubai (Arabic: مؤسسة دبي للاستثمارات الحكومية, ICD) is the principal investment arm of the Government of Dubai focused on strengthening Dubai’s economy through long-term value and wealth creation and investing in global opportunities. Established in 2006, ICD manages the Government of Dubai Portfolio of commercial companies and investments. In 2022, ICD reported assets worth $320 billion and revenue of $73 billion. The Dubai-based corporation provides strategic oversight, develops and implements investment strategies and corporate governance policies, and operates in multiple sectors, including oil and gas, transportation, banking, and financial services.

## History

Established on 3 May 2006 under the Law No. 11 of 2006 issued by Mohammed bin Rashid Al Maktoum, to generate long-term wealth and value for Dubai. It now has commercial companies and investments in 87 countries and 6 continents.
The Government of Dubai in 2007 transferred majority stakes in Emirates Bank International (EBI), National Bank of Dubai (NBD), Dubai World Trade Center, Emirates National Oil Company, Dubai Aluminium Company, Emirates Airlines, dnata, and CBME to Investment Corporation of Dubai (ICD). Additionally, minority stakes of Emaar Properties (EMAAR), Dubai Islamic Bank, Commercial Bank of Dubai, Dubai Ice Plant & Cold Stores Company, and Dubai Development Company were also transferred to ICD. In 2007, ICD also acquired Borse Dubai.
Subsequently, in 2009, Dubai Duty Free, Dubai Silicon Oasis Authority, Dubai Airport Free Zone Authority, Emaratech, and aswaaq were transferred to ICD by the Dubai Government. National Bonds Corporation became a subsidiary of ICD in 2010. In 2012, ICD acquired Smartstreams Technologies Group Limited and a controlling stake in Dubai Aerospace Enterprise (DAE). In 2014, Atlantis The Palm was acquired, followed by the purchase of a controlling stake in South Korean construction firm Ssangyong Engineering and Construction, Mandarin Oriental New York, and W Washington D.C. Hotel in 2015.
Also that year, ICD took control of Flydubai and Kerzner International Holdings, while establishing Ithra Dubai, a property management and asset development subsidiary to manage strategic real estate assets.
In 2016, ICD acquired Porto Montenegro Marina and Resort located in the world heritage site Bay of Kotor from Montport Capital. In 2017, ALEC Engineering and Contracting Limited was acquired by ICD.
In October 2017, ICD listed a $200 million Sukuk on NASDAQ Dubai, its second conventional bond listing following the $300 million bond listing in 2014. In addition, two Sharia-compliant bonds, one worth $1 billion and another worth $700 million, were also listed on Nasdaq Dubai in 2017 and May 2014.
In 2018, ICD acquired ISS Global Forwarding and made DAE a wholly-owned subsidiary in 2019. In 2020, the Government of Dubai transferred Dubai Multi Commodities Centre Authority to ICD. In 2020, ICD sold the W Washington D.C. Hotel to independent owners, established its ESG Management Committee, formalised its ESG Policy and Framework and commissioned the carbon footprint of its operations certified in line with the ISO 14064 Standard and the Greenhouse Gas (GHG) Protocol. In 2022, ICD disposed of its controlling stake in South Korean construction firm Ssangyong Engineering and Construction, selling shares to Global Sae-A Group in October. In 2023, ICD sold aswaaq to GMG in January and Columbus Centre Corporation (Cayman), which owns Mandarin Oriental NY Hotel to Reliance Industries.

## Subsidiary activities

During the period of 2007 - 2021, ICD subsidiaries carried out various other mergers and acquisitions.
In 2007, Emirates National Bank of Dubai (ENBD) was formed through the merger of EBI and NBD, with a market capitalisation of over $11.3 Billion. In the same year, the Government of Dubai consolidated its holdings in the Dubai Financial Market and Dubai International Financial Exchange to Borse Dubai, which also acquired interest in the London Stock Exchange and Nasdaq OMX.
In 2010, dnata acquired Alpha Flight Catering Group, an in-flight caterer in the United Kingdom. The following year, dnata purchased Travel Republic Group, an online travel agency based in the UK.
In 2013, ENBD acquired the Egyptian business of French bank BNP Paribas for $500 million, while dnata also obtained a controlling stake in Servair Airchef, an in-flight catering provider in Italy.
In 2014, ICD divested 100% of its stake in Dubai Aluminium Company to Emirates Global Aluminium (EGA) in a joint venture with Emirati Mubadala Investment Company. Also that year, Emaar Malls shares were listed on the Dubai Financial Market.
In 2015, Borse Dubai sold its $2.2bn stake in the London Stock Exchange, while Emirates National Oil Company (ENOC) acquired full ownership of Dragon Oil, an exploration and production company in Turkmenistan. DAE divested its interest in American MRO provider StandardAero to New York-based private equity firm Veritas Capital.
In 2016, dnata acquired Ground Services International, a ground-handling company based in the US.
In 2017, DAE purchased Dublin-based commercial jet aircraft leasing company AWAS. Emaar Development shares were then listed on the Dubai Financial Market.
In 2018, dnata bought the catering business of Australian flag carrier and airline Qantas Airways.
In 2019, ENBD acquired full ownership of DenizBank A.Ş in Turkey. This was followed in 2020 by Emirates taking over American company Air Venture Holdings, which specialised in food and beverage retail sales.
In 2021, the federal government agency Securities and Commodities Authority approved the Emaar Properties and Emaar Malls merger.
In 2022, Dubai Silicon Oasis Authority and Dubai Airport Free Zone Authority merged into the newly established Dubai Integrated Economic Zones Authority, DAE acquired Sky Fund I Irish Ltd and EMAAR Properties acquired the remaining stake in Dubai Creek Harbour LLC.
In 2024, ICD and Brookfield Corporation sold 49% stake of Dubai's ICD Brookfield Place to Abu Dhabi-based Lunate and Saudi Arabia conglomerate Olayan Financing Company.

## Governance

Sheikh Hamdan bin Mohammed bin Rashid al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, serves as the Chairman of ICD. Additionally, board members hold various positions within the organization.
* Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Vice-Chairman (First Deputy Ruler of Dubai)
* Sheikh Ahmed bin Saeed Al Maktoum, Board Member
* Mohammed Ibrahim Al Shaibani, Board Member and Managing Director
* Reem bint Ebrahim Al Hashimy, Board Member
* Sultan bin Saeed Al Mansouri, Board Member
* Abdulrahman Saleh Al Saleh, Board Member
* Mohamed Hadi Al Hussaini, Board Member
* Helal Saeed Al Marri, Board Member

## Portfolio

ICD's portfolio primarily includes businesses and assets either wholly or partially owned by the Dubai Government. ICD’s total assets cover the following sectors as of 31 December 2021 (% based on ICD’s investment):
The Investment Corporation of Dubai (ICD) has a diversified portfolio of assets in financial, transportation, oil and gas, industrial, hospitality and leisure, real estate & construction, and retail & other sectors.
23% of ICD's holdings in the Banking and Finance services sector are held by five major entities, namely, Emirates NBD, Commercial Bank of Dubai (CBD), Dubai Islamic Bank, National Bonds Corporation (NBC), and Borse Dubai.
This encompasses ownership in financial markets held through Borse Dubai's controlling stakes in the DFM and NASDAQ Dubai.
25% of ICD's assets consist of four major transport-related holdings, including Emirates Airline, Dnata, Flydubai, and Dubai Aerospace Engineering (“DAE”).
One major holding, Emirates National Oil Company (“ENOC”), makes up 3% of the oil and gas assets.
Three major holdings make up 7% of ICD’s assets, including Emirates Global Aluminium (“EGA”), Dubal Holding, and Dubai Cable Company (“Ducab”) in the Industrial Sector.
17% of ICD's assets consist of eight major holdings, including the Dubai World Trade Centre (“DWTC”), Kerzner International Holdings Limited (“Kerzner”), the UNESCO-protected Porto Montenegro in the Bay of Kotor, Atlantis The Palm, Atlantis The Royal at The Palm, Mandarin Oriental New York, One&Only Palmilla, and One&Only Cape Town in the Hospitality & Leisure Sector.
Six major Real Estate and Construction holdings, comprising 16% of ICD's assets, include Ithra Dubai, Emaar Properties (“EMAAR”), ALEC Engineering and Contracting Limited, ICD Brookfield Place (an equally owned joint venture partnership between ICD and Brookfield Property Partners), Dubai Investments, and Dubai Integrated Economic Zones Authority (“DIEZ”). DEIZ was established on January 1, 2022, and encompasses Dubai Airport Freezone Authority (DAFZA), Dubai Silicon Oasis, and Dubai CommerCity (DCC).
9% of ICD's assets are held by eight major Retail & other holdings, including Dubai Duty Free (“DDF”), emaratech, Imdaad, Emirates Rawabi, Dubai Multi Commodities Centre Authority (“DMCC”), Dubai Global Connect (“DGC”), ISS Global Forwarding, and SmartStream.