Who Owns Investment Corporation of Dubai?
The Investment Corporation of Dubai (ICD) is a state-owned investment institution in the United Arab Emirates (UAE). Established in 2006, the ICD plays a significant role in driving economic diversification and growth for Dubai. As a global investment powerhouse, it focuses on strategic sectors that contribute to Dubai’s development and enhance its position as a leading global business hub.
Ownership Structure
The ownership structure of the Investment Corporation of Dubai is as follows:
- The Government of Dubai: The government directly owns the ICD. It exercises its ownership through various entities, such as the Department of Finance and the Investment Corporation of Dubai Holding Company.
- Government-Owned Entities: Several government-owned entities have shares in the ICD. These include the Emirates Investment Authority (EIA), which is responsible for managing sovereign wealth funds on behalf of the UAE federal government.
- Other Government-Linked Entities: The ICD also has investments from other government-linked entities, such as Dubai World and Dubai Holding.
Mandate and Objectives
The primary mandate of the Investment Corporation of Dubai is to promote sustainable economic development in Dubai by investing in strategic sectors domestically and internationally. Its objectives include:
- Diversification: The ICD aims to diversify Dubai’s economy by investing in industries beyond traditional sectors like real estate and finance. It focuses on sectors such as technology, transportation, logistics, hospitality, healthcare, and renewable energy.
- Growth: By investing in key industries, the ICD aims to drive economic growth for Dubai and contribute to the emirate’s overall GDP.
- Global Expansion: The ICD seeks to expand its global presence by investing in international markets. It strategically identifies investment opportunities that align with Dubai’s economic vision and objectives.
- Partnerships: The ICD actively seeks partnerships with local and international entities to leverage expertise, foster innovation, and enhance the value of its investments.
Notable Investments
The Investment Corporation of Dubai has made several notable investments across various sectors. Some of these include:
- Emirates Group: The ICD owns a significant stake in the Emirates Group, which includes Emirates Airline, dnata (an aviation services company), and other related businesses.
- Emaar Properties: The ICD has investments in Emaar Properties, one of the world’s largest real estate development companies known for iconic projects such as Burj Khalifa and Dubai Mall.
- Dubai Aerospace Enterprise (DAE): The ICD has a stake in DAE, a leading aircraft leasing and maintenance company based in Dubai.
- Dubai Electricity and Water Authority (DEWA): The ICD holds shares in DEWA, which is responsible for providing electricity and water services in Dubai.
In Conclusion
The Investment Corporation of Dubai is wholly-owned by the Government of Dubai. It plays a pivotal role in driving economic diversification, growth, and global expansion for Dubai through strategic investments in various sectors. With its mandate to support sustainable development, the ICD continues to contribute significantly to Dubai’s position as a thriving global business hub.