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]
History
Al Shabani at the acquisition of Dangote Cement by ICD in 2014
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]
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
During the period of 2007 - 2021, ICD subsidiaries carried out various other mergers and acquisitions.
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 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 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]
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]
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]
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]
