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Investment Corporation of Dubai

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27: 698:(“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), 172:
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
319:
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,
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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.
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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):
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billion. The Dubai-based corporation provides strategic oversight, develops and implements investment strategies and corporate governance policies, and operates in multiple sectors, including
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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.
2745: 1064: 2653: 2164: 978: 359:(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 1999: 2145: 1600: 2605: 2306: 1356: 2100: 796: 821: 729: 2735: 883: 709:(“DDF”), emaratech, Imdaad, Emirates Rawabi, Dubai Multi Commodities Centre Authority (“DMCC”), Dubai Global Connect (“DGC”), ISS Global Forwarding, and SmartStream. 2678: 2076: 286:
and Kerzner International Holdings, while establishing Ithra Dubai, a property management and asset development subsidiary to manage strategic real estate assets.
2740: 1193: 2188: 2750: 2725: 1938: 2629: 2527: 2452: 2355: 772: 1475: 1243: 1597:"Top 10 mergers and acquisitions of the two decade - Top national-bank-dubai-nbd-and-emirates-bank-international-ebi-merger | Lists | Business Chief EMEA" 1647: 2551: 1821: 2730: 2379: 1746: 1304: 1089: 845: 539:
and Chairman of Dubai Executive Council, serves as the Chairman of ICD. Additionally, board members hold various positions within the organization.
336:, 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 1328: 1342: 495:. This was followed in 2020 by Emirates taking over American company Air Venture Holdings, which specialised in food and beverage retail sales. 244:, Dubai Ice Plant & Cold Stores Company, and Dubai Development Company were also transferred to ICD. In 2007, ICD also acquired Borse Dubai. 2024: 1914: 333: 272: 1721: 1040: 1576: 935: 2406: 1142: 499: 205:, to generate long-term wealth and value for Dubai. It now has commercial companies and investments in 87 countries and 6 continents. 749: 2569: 2330: 1007: 1696: 925: 2587: 524:
sold 49% stake of Dubai's ICD Brookfield Place to Abu Dhabi-based Lunate and Saudi Arabia conglomerate Olayan Financing Company.
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became a subsidiary of ICD in 2010. In 2012, ICD acquired Smartstreams Technologies Group Limited and a controlling stake in
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formalised its ESG Policy and Framework and commissioned the carbon footprint of its operations certified in line with the
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for $ 500 million, while dnata also obtained a controlling stake in Servair Airchef, an in-flight catering provider in
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23% of ICD's holdings in the Banking and Finance services sector are held by five major entities, namely,
521: 514: 429: 360: 304:, its second conventional bond listing following the $ 300 million bond listing in 2014. In addition, two 256: 26: 440: 372: 47: 1169: 390:. The following year, dnata purchased Travel Republic Group, an online travel agency based in the UK. 352:
During the period of 2007 - 2021, ICD subsidiaries carried out various other mergers and acquisitions.
2706: 1956: 1558:"Emirates Bank International (EBI) merger with National Bank of Dubai (NBD) - A valuation perspective" 694:
Six major Real Estate and Construction holdings, comprising 16% of ICD's assets, include Ithra Dubai,
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This encompasses ownership in financial markets held through Borse Dubai's controlling stakes in the
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In 2018, dnata bought the catering business of Australian flag carrier and airline Qantas Airways.
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In 2016, dnata acquired Ground Services International, a ground-handling company based in the US.
341: 267:(DAE). In 2014, Atlantis The Palm was acquired, followed by the purchase of a controlling stake in 252: 169: 129: 1889: 208:
The Government of Dubai in 2007 transferred majority stakes in Emirates Bank International (EBI),
1671: 631: 605: 237: 225: 186: 2077:"UAE's Securities And Commodities Authority Approves Merger Of Emaar Properties And Emaar Malls" 1381:"Law No (15) of 2022 Amending Law No. (3) of 2022 Concerning the Dubai Multi Commodities Centre" 797:"Investment Corporation of Dubai reports Dh25 billion net profit, up 16.9% year on year in 2019" 1532: 1065:"Investment Corporation of Dubai's 2019 profit jumps 17% on banking and transport investments" 1015: 931: 293:
from Montport Capital. In 2017, ALEC Engineering and Contracting Limited was acquired by ICD.
1846: 691:, One&Only Palmilla, and One&Only Cape Town in the Hospitality & Leisure Sector. 2437: 2291: 2270: 1581: 734: 695: 684: 536: 503: 425: 289:
In 2016, ICD acquired Porto Montenegro Marina and Resort located in the world heritage site
233: 2654:"ICD and Dubai South launch 'City of Trade' to connect global wholesale buyers and sellers" 979:"ICD and Dubai South launch 'City of Trade' to connect global wholesale buyers and sellers" 2165:"UAE's Lunate and Saudi Arabia's Olayan buy 49% stake in Dubai tower ICD Brookfield Place" 706: 561: 464: 248: 157: 2189:"Investment Corporation of Dubai revenue up 61% at Dh121.1 billion in first half of 2022" 2146:"Emaar Properties fully acquires Dubai Creek Harbour from Dubai Holdings for $ 2 billion" 1975:"DAE becomes one of the world's biggest aircraft lessors after buying Dublin-based AWAS" 478: 387: 325: 232:, and CBME to Investment Corporation of Dubai (ICD). Additionally, minority stakes of 2719: 1557: 460: 2000:"Emaar Development lPO raises Dh4.8 billion in largest Dubai listing in three years" 660:(“EGA”), Dubal Holding, and Dubai Cable Company (“Ducab”) in the Industrial Sector. 2101:"Mohammed bin Rashid issues Law creating Dubai Integrated Economic Zones Authority" 676: 624: 597: 456: 452: 394: 376: 364: 356: 313: 301: 290: 209: 198: 1118:"Dubai Aerospace Enterprise sells $ 750 million in five and a quarter years sukuk" 705:
9% of ICD's assets are held by eight major Retail & other holdings, including
1525:"Reliance checks into New York, buys Mandarin Oriental Hotel for around $ 270 mn" 2710: 668: 630:
25% of ICD's assets consist of four major transport-related holdings, including
613: 436: 406: 368: 329: 268: 174: 2331:"ICD takes over National Bonds - Business - Economy and Finance - Emirates24|7" 822:"Investment Corp of Dubai posts record revenue and record net profit for 2022" 730:"Investment Corp of Dubai posts record revenue and record net profit for 2022" 448: 1536: 1019: 312:, one worth $ 1 billion and another worth $ 700 million, were also listed on 2606:"Investment Corporation of Dubai reports flat profit despite higher revenue" 2384: 2307:"Investment Corporation of Dubai reports flat profit despite higher revenue" 1357:"Investment Corporation of Dubai reports flat profit despite higher revenue" 1147: 488: 481:. Emaar Development shares were then listed on the Dubai Financial Market. 321: 178: 1194:"Investment Corporation of Dubai revenue up 58% in 2022 at Dh267.4 billion" 1476:"ICD takes controlling stake in ailing South Korean construction company" 639: 283: 259:, Emaratech, and aswaaq were transferred to ICD by the Dubai Government. 927:
Sovereign Wealth Funds: A Complete Guide to State-owned Investment Funds
1822:"Mubadala, ICD establish Emirates Global Aluminium with value of Dh55b" 2052:"Emirates NBD buys Turkey's Denizbank for $ 3.2 billion from Sberbank" 416:
In 2014, ICD divested 100% of its stake in Dubai Aluminium Company to
1343:"ICD's performance makes case for 10-year Saudi sukuk, investors say" 672: 492: 474: 402: 305: 2502:"Emirates Global Aluminium plans IPO, banks pitch for role: sources" 2528:"Investment Corp. of Dubai eyes India renewable energy investments" 1797:"UAE's Emirates Global Aluminium considering IPO in 2022 — sources" 1772:"Emirates' arm buys Air France's stake in Italian catering venture" 1405:"W Washington DC Hotel Is Being Sold and Rebranded - Washingtonian" 663:
17% of ICD's assets consist of eight major holdings, including the
1648:"Borse Dubai to sell $ 2.2 billion stake in London Stock Exchange" 1305:"Investment Corporation of Dubai acquires Porto Montenegro Marina" 635: 410: 398: 386:
acquired Alpha Flight Catering Group, an in-flight caterer in the
383: 328:(GHG) Protocol. In 2022, ICD disposed of its controlling stake in 297: 229: 76: 2238:"Mohammed bin Rashid appoints 1st and 2nd Deputy Rulers of Dubai" 1890:"Investment Corporation of Dubai reveals first financial results" 1425: 1090:"Investment Corporation of Dubai takes control of National Bonds" 2679:"DGC begins operations at Studio Fuksas-designed visitor centre" 2630:"ICD arm paid $ 2.2bln for AWAS leasing business, accounts show" 2453:"ICD arm paid $ 2.2bln for AWAS leasing business, accounts show" 2356:"ICD arm paid $ 2.2bln for AWAS leasing business, accounts show" 2213: 773:"ICD arm paid $ 2.2bln for AWAS leasing business, accounts show" 182: 2380:"Dubai's investment arm ICD records first-half loss of Dh11.4b" 1747:"BNP to Sell Egyptian Unit to Dubai Bank in $ 500 Million Deal" 1008:"Dubai's ICD Invests $ 300 Million in Nigeria's Dangote Cement" 846:"The Middle East's 10 Biggest Sovereign Wealth Funds (For Now)" 1847:"Dubai's Emaar to buy out minority shareholders in malls unit" 1722:"Dnata acquires leading online travel agency, Travel Republic" 1450:"Global Sae-A Group Wraps up Acquisition of Ssangyong E&C" 1280:"Investment Corporation of Dubai buys Montenegro yacht resort" 2588:"Mayfair private members club to open in $ 1bn Dubai project" 2477:"Dubai's ICD faces 'adjustment' in wake of pandemic downturn" 1939:"Dubai's DAE closes StandardAero sale to private equity firm" 1329:"Dubai's sovereign wealth fund lists $ 200m bond on Nasdaq" 1244:"Ithra Dubai to hand over eight-nine plots for DEP in 2021" 656:
Three major holdings make up 7% of ICD’s assets, including
2476: 1796: 1143:"Investment Corp of Dubai buys three international hotels" 2700: 1872:"Dubai to sell $ 2.2bn stake in London Stock Exchange" 901:"Investment Corporation of Dubai Self-Assessment 2022" 873:"Investment Corporation of Dubai and its subsidiaries" 140: 2025:"Emirates' dnata to acquire Qantas catering division" 455:. DAE divested its interest in American MRO provider 2570:"One&Only reveals Urban Resorts in One Za'abeel" 2552:"Dubai sovereign wealth fund sees profits surge 62%" 2433:"Dubai sovereign wealth fund sees profits surge 62%" 2287:"Dubai sovereign wealth fund sees profits surge 62%" 2266:"Dubai sovereign wealth fund sees profits surge 62%" 2125:"DAE completes acquisition of SKY Fund I Irish, Ltd" 1697:"Dnata to acquire remaining shares in Alpha LSG UK" 1041:"Dubai stake in LSE gains after merger deal agreed" 135: 125: 115: 107: 89: 71: 53: 43: 33: 16:
Sovereign wealth fund from the United Arab Emirates
1219:"Dubai buys stake in luxury hotel manager Kerzner" 1500:"GMG expands portfolio, acquires aswaaq from ICD" 924:Curzio, Alberto Quadrio; Miceli, Valeria (2010). 653:(“ENOC”), makes up 3% of the oil and gas assets. 544:Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum 2746:Financial services companies established in 2006 2407:"Nasdaq to acquire OMX in deal with Borse Dubai" 533:Sheikh Hamdan bin Mohammed bin Rashid al Maktoum 1622:"Dubai exchange merger a "possibility": report" 477:-based commercial jet aircraft leasing company 750:"Top 10 biggest sovereign wealth funds in GCC" 1170:"Dubai's ICD Acquires Stakes In Three Hotels" 546:, Vice-Chairman (First Deputy Ruler of Dubai) 8: 1915:"ENOC 's acquisition of Dragon Oil proceeds" 296:In October 2017, ICD listed a $ 200 million 19: 952:"Emirates Bank International, NBD to merge" 451:, an exploration and production company in 25: 18: 487:In 2019, ENBD acquired full ownership of 168:) is the principal investment arm of the 1957:"Dnata enters USA following acquisition" 573:Abdulrahman Saleh Al Saleh, Board Member 279:, and W Washington D.C. Hotel in 2015. 2736:Government agencies established in 2006 2259: 2257: 718: 498:In 2021, the federal government agency 669:Kerzner International Holdings Limited 576:Mohamed Hadi Al Hussaini, Board Member 420:(EGA) in a joint venture with Emirati 371:, which also acquired interest in the 365:Dubai International Financial Exchange 334:Ssangyong Engineering and Construction 273:Ssangyong Engineering and Construction 2741:Emirati companies established in 2006 2046: 2044: 1112: 1110: 1001: 999: 973: 971: 724: 722: 7: 867: 865: 839: 837: 835: 767: 765: 763: 558:, Board Member and Managing Director 500:Securities and Commodities Authority 282:Also that year, ICD took control of 197:Established on 3 May 2006 under the 2751:Government-owned companies of Dubai 2726:Economy of the United Arab Emirates 1672:"Dubai Firm Acquires 20% Of Nasdaq" 675:-protected Porto Montenegro in the 161: 579:Helal Saeed Al Marri, Board Member 447:(ENOC) acquired full ownership of 14: 1141:Algethami, Sarah (8 April 2015). 550:Sheikh Ahmed bin Saeed Al Maktoum 515:Dubai Airport Free Zone Authority 257:Dubai Airport Free Zone Authority 1577:"EBI, NBD reveal merger details" 1575:Stanton, Daniel (12 July 2007). 889:from the original on 2021-08-06. 2731:Sovereign wealth funds of Dubai 2707:Investment Corporation of Dubai 2218:Investment Corporation of Dubai 1998:Everington, John (2017-11-16). 1474:Everington, John (2015-02-01). 1430:Investment Corporation of Dubai 1006:Parasie, Nicolas (2014-09-08). 357:Emirates National Bank of Dubai 154:Investment Corporation of Dubai 20:Investment Corporation of Dubai 2431:Neil, Halligan (1 July 2015). 2285:Neil, Halligan (1 July 2015). 2264:Neil, Halligan (1 July 2015). 2023:Townsend, Sarah (2018-04-11). 702:, and Dubai CommerCity (DCC). 685:Atlantis The Royal at The Palm 439:sold its $ 2.2bn stake in the 203:Mohammed bin Rashid Al Maktoum 162:مؤسسة دبي للاستثمارات الحكومية 96:Hamdan bin Mohammed Al Maktoum 39:مؤسسة دبي للاستثمارات الحكومية 1: 2526:Bhaskar, Utpal (2017-01-18). 2163:Halligan, Neil (2024-04-08). 1523:Barman, Arijit (2022-01-09). 651:Emirates National Oil Company 511:Dubai Silicon Oasis Authority 445:Emirates National Oil Company 218:Emirates National Oil Company 1599:. 2020-12-30. Archived from 568:Sultan bin Saeed Al Mansouri 562:Reem bint Ebrahim Al Hashimy 556:Mohammed Ibrahim Al Shaibani 101:Mohammed Ibrahim Al Shaibani 1646:Berry, Freya (2015-03-26). 1168:Sophia, Mary (2015-04-08). 1039:Reagan, Brad (2011-02-10). 644:Dubai Aerospace Engineering 463:-based private equity firm 422:Mubadala Investment Company 2767: 930:. Harriman House Limited. 689:Mandarin Oriental New York 610:National Bonds Corporation 428:shares were listed on the 338:Mandarin Oriental NY Hotel 277:Mandarin Oriental New York 265:Dubai Aerospace Enterprise 261:National Bonds Corporation 658:Emirates Global Aluminium 418:Emirates Global Aluminium 24: 2683:Construction Week Online 1248:Construction Week Online 880:Ernst & Young report 665:Dubai World Trade Centre 602:Commercial Bank of Dubai 506:and Emaar Malls merger. 242:Commercial Bank of Dubai 214:Dubai World Trade Center 1456:(in Korean). 2022-12-30 473:In 2017, DAE purchased 247:Subsequently, in 2009, 522:Brookfield Corporation 430:Dubai Financial Market 361:Dubai Financial Market 316:in 2017 and May 2014. 210:National Bank of Dubai 121:US$ 320 billion (2022) 59:; 18 years ago 537:Crown Prince of Dubai 441:London Stock Exchange 373:London Stock Exchange 348:Subsidiary activities 111:US$ 73 billion (2022) 48:Sovereign wealth fund 1309:Breaking Travel News 83:United Arab Emirates 2335:www.emirates247.com 1678:. 20 September 2007 1556:Fernandez, Manuel. 1250:. 22 February 2021. 1012:Wall Street Journal 700:Dubai Silicon Oasis 649:One major holding, 342:Reliance Industries 253:Dubai Silicon Oasis 170:Government of Dubai 130:Government of Dubai 103:, Managing Director 21: 2685:. 28 January 2021. 2388:. 17 December 2020 2242:www.mediaoffice.ae 2195:. 30 November 2022 2105:www.mediaoffice.ae 1961:AviationBusinessme 1529:The Economic Times 1331:. 18 October 2017. 1122:The Economic Times 606:Dubai Islamic Bank 424:. Also that year, 332:construction firm 271:construction firm 238:Dubai Islamic Bank 201:of 2006 issued by 187:financial services 2152:. 12 August 2022. 1703:. 2 December 2019 937:978-1-906659-96-7 844:Dudley, Dominic. 681:Atlantis The Palm 671:(“Kerzner”), the 520:In 2024, ICD and 324:Standard and the 226:Emirates Airlines 151: 150: 2758: 2703: 2701:Official website 2687: 2686: 2675: 2669: 2668: 2666: 2665: 2650: 2644: 2643: 2641: 2640: 2626: 2620: 2619: 2617: 2616: 2602: 2596: 2595: 2592:Arabian Business 2584: 2578: 2577: 2576:. 18 April 2018. 2574:Arabian Business 2566: 2560: 2559: 2556:Arabian Business 2548: 2542: 2541: 2539: 2538: 2523: 2517: 2516: 2514: 2513: 2498: 2492: 2491: 2489: 2488: 2473: 2467: 2466: 2464: 2463: 2449: 2443: 2442: 2438:Arabian Business 2428: 2422: 2421: 2419: 2418: 2403: 2397: 2396: 2394: 2393: 2376: 2370: 2369: 2367: 2366: 2352: 2346: 2345: 2343: 2342: 2327: 2321: 2320: 2318: 2317: 2303: 2297: 2296: 2292:Arabian Business 2282: 2276: 2275: 2271:Arabian 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Index


Sovereign wealth fund
Dubai
United Arab Emirates
Hamdan bin Mohammed Al Maktoum
Mohammed Ibrahim Al Shaibani
AUM
Government of Dubai
icd.gov.ae
Arabic
Government of Dubai
oil and gas
transportation
banking
financial services
Law No. 11
Mohammed bin Rashid Al Maktoum
National Bank of Dubai
Dubai World Trade Center
Emirates National Oil Company
Dubai Aluminium
Emirates Airlines
dnata
Emaar Properties
Dubai Islamic Bank
Commercial Bank of Dubai
Dubai Duty Free
Dubai Silicon Oasis
Dubai Airport Free Zone Authority
National Bonds Corporation

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