As the major sovereign wealth fund owned by Dubai government, Investment Corporation of Dubai (ICD) plays a vital role in Dubai’s economic development. ICD was founded in May 2006 to consolidate and manage the existing commercial companies and investment portfolio of Dubai government across different sectors like aviation, real estate, financial services etc. With over $300 billion assets under management globally based on SWFI ranking, ICD has investments in UAE and Dubai through its holdings like Emirates Group, Emaar Properties, Dubai Islamic Bank and others.
ICD Manages Assets Of Over $300 Billion Globally
According to data from Sovereign Wealth Fund Institute, ICD is the 11th largest sovereign wealth fund globally with assets under management exceeding $300 billion as of 2022. ICD’s investment portfolio is well diversified across various sectors in Dubai and UAE through its holdings in aviation giants like Emirates Airlines, Emaar Properties which is behind iconic projects including Burj Khalifa and Dubai Mall, finance firms such as Dubai Islamic Bank and Commercial Bank of Dubai etc. The diversified investments reflect Dubai government’s growth plans and strategic priority sectors.
Core Dubai Government Linked Enterprises Under ICD
As the main investment arm of Dubai government, ICD has controlling stakes in some of the most prominent Dubai government linked enterprises and corporations that serves as the engine for Dubai’s economic growth. These include Emirates Group, Emirates NBD, Commercial Bank of Dubai, Dubai Islamic Bank, Dubai Aerospace Enterprise, Dubai Duty Free, Emaar Properties, Atlantis The Palm and others. For example Emaar Properties is behind many landmark projects central to Dubai’s property market while Emirates Group with Emirates Airlines and dnata plays a key role in establishing Dubai’s global aviation hub status.
Long Term Value Creation For Dubai’s Sustained Prosperity
The objective behind formation of ICD back in 2006 was to act as the principal investment arm for Dubai government with a mandate to enhance value creation for Dubai’s long term prosperity. As a key stakeholder and shareholder, ICD actively engages with the management teams in its portfolio companies to ensure good corporate governance practices are in place and long term growth plans are developed. For instance, after 2009 Dubai debt crisis, ICD provided capital support to restructure Dubai World’s debts. Subsequently Dubai has seen continuing economic growth averaging 2-3% annually.
In summary, ICD sits at the core of Dubai Inc. that propels economic expansion in Dubai through its $300B+ AUM sovereign wealth fund investing in aviation, real estate, financial services, logistics, tourism and other priority sectors.