Investment Corporation of Dubai
|Investment Corporation of Dubai|
|Founded||May 3, 2006|
|Hamdan bin Mohammed Al Maktoum (Crown Prince of Dubai and Chairman)|
|Revenue||AED 228 billion (2019)|
|Total assets||AED 1,121 billion (2019)|
Investment Corporation of Dubai is a sovereign wealth fund of the Government of Dubai established in 2006, with focuses on wealth and long-term value creation to strengthen Dubai's economy by investing in global opportunities. It manages the Government of Dubai portfolio of commercial companies and investment.
ICD was set up on 3 May 2006 under Emiri decree 11 of 2006 issued by Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates (UAE), and ruler of the Emirate of Dubai.
In 2007 Government of Dubai transferred the majority stake in Emirates Bank International (EBI), National Bank of Dubai (NBD), Dubai World Trade Center, Emirates National Oil Company, Emirates Global Aluminium, Borse Dubai, Emirates Airlines, dnata and CBME to Investment Corporation of Dubai. In the same year, the merger of EBI and NBD took place and Emirates National Bank of Dubai (ENBD) was formed with a market capitalization of more than $11.3 Billion. The Government of Dubai transferred Dubai financial Market and Dubai International Financial Exchange to Borse Dubai which acquired interest in London Stock Exchange and Nasdaq OMX. Minority stakes of Emmar Properties, Dubai Islamic Bank, Commercial Bank of Dubai, Dubai Ice Plant & Cold Stores Company, and Dubai Development Company were transferred to ICD by the Government of Dubai.
In the year 2009 Dubai Government transferred Dubai Duty Free, Dubai Silicon Oasis Authority, Dubai Airport Free Zone Authority, Emaratech, and Aswaaq to ICD. National Bond Corporation becomes a subsidiary of ICD in the year 2010. In 2012 ICD acquired Smartstreams Technologies group limited and controlling stake in Dubai Aerospace Enterprise (DAE).
In the year 2015 ICD acquired a controlling stake in South Korean construction firm Ssangyong Engineering and Construction, Mandarin Oriental New York, and Washington DC hotel. In 2016 ICD acquired Porto Montenegro Marina and Resort located in world heritage site Bay of Kotro from Montport Capital. In 2017 ALEC engineering and Contracting Limited was acquired by ICD and ISS Global Forwarding in 2018. In 2019 DAE became a wholly owned subsidiary of ICD.
Various other mergers and acquisitions were also held by other holding companies of ICD between the periods of 2007 - 2019.
In October 2017 ICD listed a $200 million Sukuk on NASDAQ Dubai. This was its second conventional bond listing on Nasdaq Dubai, after a $300 million bond was listed in 2014. In addition, ICD has two Sukuk, also commonly referred to as sharia compliant bonds, on Nasdaq Dubai, one worth $1 billion listed in 2017 and another worth $700 million listed in May 2014.
- Maktoum bin Mohammed bin Rashid Al Maktoum (Deputy Ruler of Dubai, Vice-Chairman)
- 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)
Banking & Finance Services include Emirates NBD, Commercial Bank of Dubai (CBD), Dubai Islamic Bank, Noor Investment Group, and National Bonds Corporation (NBC). Includes ownership in financial markets held through Borse Dubai's controlling stakes in the DFM and NASDAQ Dubai.
Hospitality & Leisure has Kerzner International Holdings Limited, Atlantis the Palm, The Royal Atlantis Resort & Residences and Dubai World Trade Centre, and Dubai Silicon Oasis Authority. Porto Montenegro located within the Bay of Kotor, Mandarin Oriental, New York, W Washington D.C. (Lifestyle hotel) One&Only Palmilla and One&Only Cape Town.
Real Estate & Construction: Dubai's Deira Enrichment Project undertaken by Ithra Dubai, EMAAR and ALEC, Dubai Airport Freezone Authority (DAFZA), Cleveland Bridge & Engineering Company, Ssangyong Engineering, Dubai Investments & Construction and Dubai Silicon Oasis Authority (DSO), ICD Brookfield Place, an equally owned joint venture partnership between ICD and Brookfield Property Partners.
Retail & Other Holdings: Dubai Duty Free, aswaaq, a chain of supermarkets and community malls, Emartech (technology and consulting company), Emirates Rawabi, Dubai Multi Commodities Centre Authority, Dubai Global Connect (DGC) ISS Global Forwarding and SmartStream.
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