Investment Corporation of Dubai

Investment Corporation of Dubai (, ICD) is the principal investment arm of the Government of Dubai 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 billion. 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. History 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. It now has commercial companies and investments in 87 countries and 6 continents. The Government of Dubai in 2007 transferred majority stakes in Emirates Bank International (EBI), National Bank of Dubai (NBD), Dubai World Trade Center, Emirates National Oil Company, Dubai Aluminium Company, Emirates Airlines, dnata, and CBME to Investment Corporation of Dubai (ICD). Additionally, minority stakes of Emaar Properties (EMAAR), Dubai Islamic Bank, Commercial Bank of Dubai, Dubai Ice Plant & Cold Stores Company, and Dubai Development Company were also transferred to ICD. In 2007, ICD also acquired Borse Dubai. Subsequently, in 2009, Dubai Duty Free, Dubai Silicon Oasis Authority, Dubai Airport Free Zone Authority, Emaratech, and aswaaq were transferred to ICD by the Dubai Government. National Bonds Corporation became a subsidiary of ICD in 2010. In 2012, ICD acquired Smartstreams Technologies Group Limited and a controlling stake in Dubai Aerospace Enterprise (DAE). In 2014, Atlantis The Palm was acquired, followed by the purchase of a controlling stake in South Korean construction firm Ssangyong Engineering and Construction, Mandarin Oriental New York, and W Washington D.C. Hotel in 2015.