Dubai is known for its luxurious lifestyle and towering skyscrapers, but it’s also a hub for business and investment. With its strategic location and favorable business environment, Dubai has attracted numerous investors from all over the world. However, one investor stands out from the rest – the Investment Corporation of Dubai (ICD).
The Investment Corporation of Dubai
The ICD is a sovereign wealth fund owned by the Government of Dubai. It was established in 2006 with a mandate to invest in various sectors such as finance, transportation, energy, and real estate. The ICD’s portfolio includes some of the most prominent companies in Dubai such as Emirates Group, Emirates NBD Bank, and Dubai Islamic Bank.
The ICD’s investment strategy is focused on long-term value creation and diversification of its portfolio. It aims to generate sustainable returns for its shareholder – the Government of Dubai – while contributing to the development of Dubai’s economy.
Investment Portfolio
As per its annual report for 2020, the ICD’s total assets amounted to AED 1.337 trillion ($364 billion) at the end of December 2020. The majority of its investments are concentrated in three sectors: financial services (27%), transportation (20%), and energy (15%). Real estate accounts for 12% of its portfolio.
Some of the notable investments made by ICD include:
- Acquisition of a 44% stake in Emirates NBD Bank
- Acquisition of a 28% stake in Dubai Islamic Bank
- Acquisition of a 51% stake in global ports operator DP World
- Investment in renewable energy projects through its subsidiary, Emirates National Oil Company (ENOC)
- Acquisition of luxury hotel chain Jumeirah Group
Dubai’s Economy
Dubai’s economy has been growing rapidly over the years, driven by its strategic location, favorable business environment, and government support. The emirate has diversified its economy from oil to non-oil sectors such as tourism, finance, and real estate.
According to the Dubai Statistics Center, the emirate’s GDP reached AED 389 billion ($106 billion) in 2020. The non-oil sector contributed 71% to the GDP, with tourism being one of the major contributors. Dubai welcomed over 5.5 million tourists in the first half of 2021 despite the COVID-19 pandemic.
Conclusion
The Investment Corporation of Dubai is undoubtedly the biggest investor in Dubai with a diverse portfolio of investments across various sectors. Its long-term investment strategy and focus on value creation have contributed significantly to Dubai’s economic growth and development. As Dubai continues to attract investors from all over the world, the ICD remains a key player in driving its economy forward.
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