Jump to content

Investment Corporation of Dubai

From Wikipedia, the free encyclopedia
Investment Corporation of Dubai
Native name
مؤسسة دبي للاستثمارات الحكومية
Company typeSovereign wealth fund
Founded3 May 2006; 18 years ago (2006-05-03)
Key people
Hamdan bin Mohammed Al Maktoum, Chairman
Mohammed Ibrahim Al Shaibani, Managing Director
RevenueUS$73 billion (2022)[1]
AUMUS$320 billion (2022)[1]
OwnerGovernment of Dubai

Investment Corporation of Dubai (Arabic: مؤسسة دبي للاستثمارات الحكومية, ICD) is the principal investment arm of the Government of Dubai[2] focused on strengthening Dubai’s economy through long-term value and wealth creation and investing in global opportunities.[3] Established in 2006, ICD manages the Government of Dubai Portfolio of commercial companies and investments.[4] In 2022, ICD reported assets worth $320 billion and revenue of $73 billion.[5] 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.[6]


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.[7][8] It now has commercial companies and investments in 87 countries and 6 continents.[9]

The Government of Dubai in 2007 transferred majority stakes in Emirates Bank International (EBI), National Bank of Dubai (NBD),[10] Dubai World Trade Center, Emirates National Oil Company,[11] Dubai Aluminium Company, Emirates Airlines,[12] dnata, and CBME to Investment Corporation of Dubai (ICD). Additionally, minority stakes of Emaar Properties (EMAAR),[11][12] Dubai Islamic Bank, Commercial Bank of Dubai, Dubai Ice Plant & Cold Stores Company, and Dubai Development Company were also transferred to ICD.[3] In 2007, ICD also acquired Borse Dubai.[13]

Subsequently, in 2009, Dubai Duty Free, Dubai Silicon Oasis Authority, Dubai Airport Free Zone Authority,[14] Emaratech, and aswaaq were transferred to ICD by the Dubai Government. National Bonds Corporation became a subsidiary of ICD in 2010.[15] In 2012, ICD acquired Smartstreams Technologies Group Limited and a controlling stake in Dubai Aerospace Enterprise (DAE).[16] 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.[17][18]

Also that year, ICD took control of Flydubai[19] and Kerzner International Holdings,[20] while establishing Ithra Dubai, a property management and asset development subsidiary to manage strategic real estate assets.[21][22]

In 2016, ICD acquired Porto Montenegro Marina and Resort located in the world heritage site Bay of Kotor from Montport Capital.[23][24] In 2017, ALEC Engineering and Contracting Limited was acquired by ICD.[3]

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.[25][26]

In 2018, ICD acquired ISS Global Forwarding[27] and made DAE a wholly-owned subsidiary in 2019.[16] In 2020, the Government of Dubai transferred Dubai Multi Commodities Centre Authority to ICD.[28] In 2020, ICD sold the W Washington D.C. Hotel to independent owners,[29] 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.[30] 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.[31][32] In 2023, ICD sold aswaaq to GMG in January[33] and Columbus Centre Corporation (Cayman), which owns Mandarin Oriental NY Hotel to Reliance Industries.[34]

Subsidiary activities[edit]

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,[35] with a market capitalisation of over $11.3 Billion.[36][37] In the same year, the Government of Dubai consolidated its holdings in the Dubai Financial Market and Dubai International Financial Exchange to Borse Dubai,[38] which also acquired interest in the London Stock Exchange and Nasdaq OMX.[39][40]

In 2010, dnata acquired Alpha Flight Catering Group, an in-flight caterer in the United Kingdom.[41] The following year, dnata purchased Travel Republic Group, an online travel agency based in the UK. [42]

In 2013, ENBD acquired the Egyptian business of French bank BNP Paribas for $500 million,[43] while dnata also obtained a controlling stake in Servair Airchef, an in-flight catering provider in Italy.[44]

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.[45][46] Also that year, Emaar Malls shares were listed on the Dubai Financial Market.[47]

In 2015, Borse Dubai sold its $2.2bn stake in the London Stock Exchange,[48][49] while Emirates National Oil Company (ENOC) acquired full ownership of Dragon Oil, an exploration and production company in Turkmenistan.[50] DAE divested its interest in American MRO provider StandardAero to New York-based private equity firm Veritas Capital.[51]

In 2016, dnata acquired Ground Services International, a ground-handling company based in the US.[52]

In 2017, DAE purchased Dublin-based commercial jet aircraft leasing company AWAS.[53] Emaar Development shares were then listed on the Dubai Financial Market.[54]

In 2018, dnata bought the catering business of Australian flag carrier and airline Qantas Airways.[55]

In 2019, ENBD acquired full ownership of DenizBank A.Ş in Turkey.[56] This was followed in 2020 by Emirates taking over American company Air Venture Holdings, which specialised in food and beverage retail sales.[56]

In 2021, the federal government agency Securities and Commodities Authority approved the Emaar Properties and Emaar Malls merger.[57]

In 2022, Dubai Silicon Oasis Authority and Dubai Airport Free Zone Authority merged into the newly established Dubai Integrated Economic Zones Authority,[58] DAE acquired Sky Fund I Irish Ltd[59] and EMAAR Properties acquired the remaining stake in Dubai Creek Harbour LLC.[60]

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. [61]


Sheikh Hamdan bin Mohammed bin Rashid al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, serves as the Chairman of ICD.[62] Additionally, board members hold various positions within the organization.[63]


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):[7][65]

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.[6]

23% of ICD's holdings in the Banking and Finance services sector are held by five major entities, namely, Emirates NBD,[66] Commercial Bank of Dubai (CBD),[67] Dubai Islamic Bank, National Bonds Corporation (NBC), and Borse Dubai.[68]

This encompasses ownership in financial markets held through Borse Dubai's controlling stakes in the DFM and NASDAQ Dubai.[69][70][71]

25% of ICD's assets consist of four major transport-related holdings, including Emirates Airline,[72] Dnata, Flydubai, and Dubai Aerospace Engineering (“DAE”).[73]

One major holding, Emirates National Oil Company (“ENOC”), makes up 3% of the oil and gas assets.[74]

Three major holdings make up 7% of ICD’s assets, including Emirates Global Aluminium (“EGA”),[75] Dubal Holding,[76] and Dubai Cable Company (“Ducab”) in the Industrial Sector.[77]

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,[65] Atlantis The Royal at The Palm, Mandarin Oriental New York, One&Only Palmilla, and One&Only Cape Town in the Hospitality & Leisure Sector.[78]

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),[79] 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).[80]

9% of ICD's assets are held by eight major Retail & other holdings, including Dubai Duty Free (“DDF”),[81] emaratech, Imdaad, Emirates Rawabi, Dubai Multi Commodities Centre Authority (“DMCC”), Dubai Global Connect (“DGC”),[82] ISS Global Forwarding, and SmartStream.[83][6]


  1. ^ a b "Investment Corp of Dubai posts record revenue and record net profit for 2022". Arabian Business. 1 June 2023.
  2. ^ "Top 10 biggest sovereign wealth funds in GCC". Arabian Business.
  3. ^ a b c "ICD arm paid $2.2bln for AWAS leasing business, accounts show". www.zawya.com. Retrieved 2021-03-16.
  4. ^ "Investment Corporation of Dubai reports Dh25 billion net profit, up 16.9% year on year in 2019". gulfnews.com. 20 May 2020. Retrieved 2021-03-16.
  5. ^ "Investment Corp of Dubai posts record revenue and record net profit for 2022". Arabian Business.
  6. ^ a b c Dudley, Dominic. "The Middle East's 10 Biggest Sovereign Wealth Funds (For Now)". Forbes. Retrieved 2021-03-16.
  7. ^ a b "Investment Corporation of Dubai and its subsidiaries" (PDF). Ernst & Young report. Archived (PDF) from the original on 2021-08-06.
  8. ^ "Investment Corporation of Dubai Self-Assessment 2022". www.ifswf.org. Retrieved 2023-05-04.
  9. ^ Curzio, Alberto Quadrio; Miceli, Valeria (2010). Sovereign Wealth Funds: A Complete Guide to State-owned Investment Funds. Harriman House Limited. ISBN 978-1-906659-96-7.
  10. ^ "Emirates Bank International, NBD to merge". Khaleej Times. Retrieved 2021-03-16.
  11. ^ a b "ICD and Dubai South launch 'City of Trade' to connect global wholesale buyers and sellers". The National. 2020-09-21. Retrieved 2021-03-16.
  12. ^ a b Parasie, Nicolas (2014-09-08). "Dubai's ICD Invests $300 Million in Nigeria's Dangote Cement". Wall Street Journal. ISSN 0099-9660. Retrieved 2021-03-16.
  13. ^ Reagan, Brad (2011-02-10). "Dubai stake in LSE gains after merger deal agreed". The National. Retrieved 2023-06-16.
  14. ^ "Investment Corporation of Dubai's 2019 profit jumps 17% on banking and transport investments". The National. 2020-05-20. Retrieved 2021-03-16.
  15. ^ "Investment Corporation of Dubai takes control of National Bonds". The National. 2011-03-10. Retrieved 2021-03-16.
  16. ^ a b "Dubai Aerospace Enterprise sells $750 million in five and a quarter years sukuk". The Economic Times. Retrieved 2021-03-16.
  17. ^ Algethami, Sarah (8 April 2015). "Investment Corp of Dubai buys three international hotels". Gulf News. Retrieved 2021-03-16.
  18. ^ Sophia, Mary (2015-04-08). "Dubai's ICD Acquires Stakes In Three Hotels". Gulf Business. Retrieved 2021-03-16.
  19. ^ "Investment Corporation of Dubai revenue up 58% in 2022 at Dh267.4 billion". gulfnews.com. 2023-05-31. Retrieved 2023-06-16.
  20. ^ "Dubai buys stake in luxury hotel manager Kerzner". Reuters. 2014-04-03. Retrieved 2023-06-16.
  21. ^ "Ithra Dubai to hand over eight-nine plots for DEP in 2021". Construction Week Online. 22 February 2021.
  22. ^ "Issam Galadari". Arabian Business.
  23. ^ "Investment Corporation of Dubai buys Montenegro yacht resort". Gulf Business. 2016-05-08. Retrieved 2021-03-16.
  24. ^ "Investment Corporation of Dubai acquires Porto Montenegro Marina". Breaking Travel News. Retrieved 2021-03-16.
  25. ^ "Dubai's sovereign wealth fund lists $200m bond on Nasdaq". 18 October 2017.
  26. ^ "ICD's performance makes case for 10-year Saudi sukuk, investors say".
  27. ^ "Investment Corporation of Dubai reports flat profit despite higher revenue". www.zawya.com. Retrieved 2021-03-16.
  28. ^ "Law No (15) of 2022 Amending Law No. (3) of 2022 Concerning the Dubai Multi Commodities Centre". dlp.dubai.gov.ae. Retrieved 2023-03-31.
  29. ^ "W Washington DC Hotel Is Being Sold and Rebranded - Washingtonian". 2021-07-27. Retrieved 2023-03-31.
  30. ^ "Governance". Investment Corporation of Dubai. Retrieved 2023-03-31.
  31. ^ "Global Sae-A Group Wraps up Acquisition of Ssangyong E&C". Businesskorea (in Korean). 2022-12-30. Retrieved 2023-03-31.
  32. ^ Everington, John (2015-02-01). "ICD takes controlling stake in ailing South Korean construction company". The National. Retrieved 2023-03-31.
  33. ^ "GMG expands portfolio, acquires aswaaq from ICD". Khaleej Times. Retrieved 2023-03-31.
  34. ^ Barman, Arijit (2022-01-09). "Reliance checks into New York, buys Mandarin Oriental Hotel for around $270 mn". The Economic Times. ISSN 0013-0389. Retrieved 2023-06-16.
  35. ^ Fernandez, Manuel. "Emirates Bank International (EBI) merger with National Bank of Dubai (NBD) - A valuation perspective". researchgate.
  36. ^ Stanton, Daniel (12 July 2007). "EBI, NBD reveal merger details". Arabian Business.
  37. ^ "Top 10 mergers and acquisitions of the two decade - Top national-bank-dubai-nbd-and-emirates-bank-international-ebi-merger | Lists | Business Chief EMEA". 2020-12-30. Archived from the original on 2020-12-30. Retrieved 2023-05-04.
  38. ^ "Dubai exchange merger a "possibility": report". Reuters. 2009-09-13. Retrieved 2023-03-31.
  39. ^ Berry, Freya (2015-03-26). "Borse Dubai to sell $2.2 billion stake in London Stock Exchange". mint. Retrieved 2023-03-31.
  40. ^ "Dubai Firm Acquires 20% Of Nasdaq". www.cbsnews.com. 20 September 2007. Retrieved 2021-03-16.
  41. ^ "Dnata to acquire remaining shares in Alpha LSG UK". gulfnews.com. 2 December 2019. Retrieved 2023-03-31.
  42. ^ "Dnata acquires leading online travel agency, Travel Republic". gulfnews.com. 3 January 2012. Retrieved 2023-03-31.
  43. ^ "BNP to Sell Egyptian Unit to Dubai Bank in $500 Million Deal". Bloomberg.com. 2012-12-20. Retrieved 2023-03-31.
  44. ^ "Emirates' arm buys Air France's stake in Italian catering venture". Reuters. 2013-05-16. Retrieved 2023-03-31.
  45. ^ "UAE's Emirates Global Aluminium considering IPO in 2022 — sources". Arab News PK. 2021-08-27. Retrieved 2023-03-31.
  46. ^ "Mubadala, ICD establish Emirates Global Aluminium with value of Dh55b". gulfnews.com. 3 June 2013. Retrieved 2023-03-31.
  47. ^ "Dubai's Emaar to buy out minority shareholders in malls unit". Reuters. 2021-03-02. Retrieved 2023-03-31.
  48. ^ "Dubai to sell $2.2bn stake in London Stock Exchange". Arabian Business.
  49. ^ "Investment Corporation of Dubai reveals first financial results". Financial Times. 2014-05-07. Retrieved 2023-03-31.
  50. ^ "ENOC 's acquisition of Dragon Oil proceeds". The Irish Times. Retrieved 2023-03-31.
  51. ^ "Dubai's DAE closes StandardAero sale to private equity firm". ArabianBusiness.
  52. ^ "Dnata enters USA following acquisition". AviationBusinessme.
  53. ^ "DAE becomes one of the world's biggest aircraft lessors after buying Dublin-based AWAS". Arab News. Retrieved 2023-03-31.
  54. ^ Everington, John (2017-11-16). "Emaar Development lPO raises Dh4.8 billion in largest Dubai listing in three years". The National. Retrieved 2023-03-31.
  55. ^ Townsend, Sarah (2018-04-11). "Emirates' dnata to acquire Qantas catering division". The National. Retrieved 2023-03-31.
  56. ^ a b "Emirates NBD buys Turkey's Denizbank for $3.2 billion from Sberbank". Reuters. 2018-05-22. Retrieved 2023-03-31.
  57. ^ "UAE's Securities And Commodities Authority Approves Merger Of Emaar Properties And Emaar Malls". Forbes ME. Retrieved 2023-03-31.
  58. ^ "Mohammed bin Rashid issues Law creating Dubai Integrated Economic Zones Authority". www.mediaoffice.ae. Retrieved 2023-06-16.
  59. ^ "DAE completes acquisition of SKY Fund I Irish, Ltd". 2022-11-21. Retrieved 2023-06-16.
  60. ^ "Emaar Properties fully acquires Dubai Creek Harbour from Dubai Holdings for $2 billion". Arabian Business. 12 August 2022.
  61. ^ Halligan, Neil (2024-04-08). "UAE's Lunate and Saudi Arabia's Olayan buy 49% stake in Dubai tower ICD Brookfield Place". The National. Retrieved 2024-04-15.
  62. ^ "Investment Corporation of Dubai revenue up 61% at Dh121.1 billion in first half of 2022". gulfnews.com. 30 November 2022. Retrieved 2023-03-31.
  63. ^ "About ICD". Investment Corporation of Dubai. Retrieved 2021-03-16.
  64. ^ "Mohammed bin Rashid appoints 1st and 2nd Deputy Rulers of Dubai". www.mediaoffice.ae. Retrieved 2023-06-16.
  65. ^ a b Neil, Halligan (1 July 2015). "Dubai sovereign wealth fund sees profits surge 62%". Arabian Business.
  66. ^ Neil, Halligan (1 July 2015). "Dubai sovereign wealth fund sees profits surge 62%". Arabian Business.
  67. ^ "Investment Corporation of Dubai reports flat profit despite higher revenue". www.zawya.com. Retrieved 2021-03-16.
  68. ^ "ICD takes over National Bonds - Business - Economy and Finance - Emirates24|7". www.emirates247.com. 9 March 2011. Retrieved 2021-03-16.
  69. ^ "ICD arm paid $2.2bln for AWAS leasing business, accounts show". www.zawya.com. Retrieved 2021-03-16.
  70. ^ "Dubai's investment arm ICD records first-half loss of Dh11.4b". Gulf News. 17 December 2020. Retrieved 2021-03-16.
  71. ^ "Nasdaq to acquire OMX in deal with Borse Dubai". mint. 2007-09-20. Retrieved 2021-03-16.
  72. ^ Neil, Halligan (1 July 2015). "Dubai sovereign wealth fund sees profits surge 62%". Arabian Business.
  73. ^ "ICD arm paid $2.2bln for AWAS leasing business, accounts show". www.zawya.com. Retrieved 2021-03-16.
  74. ^ "Dubai's ICD faces 'adjustment' in wake of pandemic downturn". Arab News. 2020-05-21. Retrieved 2021-03-16.
  75. ^ "Emirates Global Aluminium plans IPO, banks pitch for role: sources". Reuters. 2017-03-21. Retrieved 2023-08-12.
  76. ^ Bhaskar, Utpal (2017-01-18). "Investment Corp. of Dubai eyes India renewable energy investments". mint. Retrieved 2023-08-12.
  77. ^ "Dubai sovereign wealth fund sees profits surge 62%". Arabian Business.
  78. ^ "One&Only reveals Urban Resorts in One Za'abeel". Arabian Business. 18 April 2018.
  79. ^ "Mayfair private members club to open in $1bn Dubai project". Arabian Business. 17 May 2018.
  80. ^ "Investment Corporation of Dubai reports flat profit despite higher revenue". www.zawya.com. Retrieved 2021-03-16.
  81. ^ "ICD arm paid $2.2bln for AWAS leasing business, accounts show". www.zawya.com. Retrieved 2021-03-16.
  82. ^ "ICD and Dubai South launch 'City of Trade' to connect global wholesale buyers and sellers". The National. 2020-09-21. Retrieved 2021-03-16.
  83. ^ "DGC begins operations at Studio Fuksas-designed visitor centre". Construction Week Online. 28 January 2021.

External links[edit]