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Investment Corporation of Dubai

Banking & Finance

Investment Corporation of Dubai Overview

Investment Corporation of Dubai (ICD) is the emirate’s government’s principal investment arm.

Established in 2006, it now has investments in more than 80 countries and had assets of more than $300 billion in 2022.

Its holdings include operations in banking and finance, oil and gas, transport, and other sectors such as retail, leisure and hospitality, and real estate.

The banking arm of ICD holds shares in major regional banks including Emirates NBD, Dubai Islamic Bank and Commercial Bank of Dubai, as well as Borse Dubai, the holding company for Dubai Financial Market (DFM) and Nasdaq Dubai.

In the oil and gas sector its major holding is Emirates National Oil Company, established in 1993, while its transport entities include the airlines Emirates and FlyDubai and the major air services provider Dnata.

ICD’s other holdings include the Atlantis and One & Only hotels, Dubai Duty Free and engineering and contracting company Alec.

ICD says that focusing on environmental, social and corporate governance issues is “crucial for a sustainable future” and forms part of its project to make Dubai a global economy. It runs a group environment network for companies across the group to share best practice and improve standards.

Investment Corporation of Dubai News

Khalid bin Kalban, vice chairman and CEO of Dubai Investments, said 'the year ahead is very positive'

Dubai Investments plans IPO before year end, says CEO

Dubai Investments is preparing to sell shares in four subsidiaries to the public and may list one of them before the year end, its CEO Khalid bin Kalban has told AGBI. The government-backed company manages AED22.1 billion ($6 billion) of assets in the UAE and beyond, in sectors including real estate, construction and building materials […]

Leveraging market conditions for Gulf IPOs, the investment Corporation of Dubai is strategically positioned to realise value through the potential listing of its existing assets, including the prominent Dubai Duty Free

Dubai’s ICD could tap IPO market to fund expansion

The Investment Corporation of Dubai (ICD), the principal investment arm of the emirate’s government, could potentially turn to the capital markets with a raft of listings over the next year or so, according to analysts. Established in 2006, ICD is worth about $340 billion and already has one of its crown jewels – Emirates NBD, […]

The 17 aircraft are expected to reduce DAE's weighted average passenger fleet age to 6.9 years

Dubai Aerospace buys 17 aircraft for $1bn

Dubai Aerospace Enterprise (DAE), the Middle East’s largest aviation leasing and engineering company, has acquired 17 aircraft for $1 billion from multiple sellers, the company said in a statement. Eighty percent of the aircraft are manufactured by Airbus, while the remaining 20 percent are from Boeing. The aircraft have been leased to 11 airlines in […]

EGA said a new 9 percent UAE corporation tax helped reduce profits but higher aluminium prices boosted revenues

EGA reveals sharp drop in profits

Profits at Emirates Global Aluminium (EGA) have fallen by nearly a quarter as a result of the suspension of operations in Guinea and introduction of corporation tax in the UAE. In October 2023, the Guinea Alumina Corporation, a subsidiary of EGA, was hit by the Guinean government’s decision to halt exports of bauxite, a raw […]

An impression of the planned water theme park at Qiddiya, Saudi Arabia, being constructed by ALEC

Dubai contractor Alec anticipates $500m IPO

Dubai is hoping to raise up to $500 million from the initial public offering of Alec Engineering and Contracting, according to media reports. Alec, part of the Investment Corporation of Dubai’s portfolio, is behind some of the Gulf’s largest projects including the Wynn Resort in Ras Al Khaimah and the Qiddiya water theme park in […]

Dubai alcohol tax

Dubai distributors to swallow 30% tax on alcohol brands

Dubai’s two main alcohol distributors have promised to absorb most, and in some cases all, of the 30 percent tax that was reinstated on alcoholic drinks from January 1. The Dubai Municipality tax on alcoholic beverages was suspended from the start of 2023, continuing into 2024. It was widely seen as an attempt to make […]

Emirates took on $4.8bn in debt over the pandemic. Its deputy president and chief operations officer Adel Al Redha told AGBI that it has already paid back almost 70%

Emirates repays over 70% of $4.8bn pandemic debt

Dubai’s Emirates airline has already repaid billions of dollars of debt it raised during the pandemic, a senior official told AGBI. The emirate’s flagship carrier raised AED17.5 billion ($4.8 billion) in debt during the pandemic, when the aviation industry was brought to its knees as planes were grounded globally by strict lockdown rules. “I would […]

An Emirates SkyCargo plane being loaded. The airline reported 11% growth in H1 2023 – before the Red Sea disruption

Emirates reports record half-year pre-tax profit

Emirates airline recorded a post-tax profit of $2.4 billion (AED8.7 billion) for the first half of the year, down 7 percent compared to the same period last year.  This year marks the first time state-owned Emirates has had to pay UAE corporate income tax.  When compared to the previous year before tax, the airline reported […]

Dubai seen from a passenger jet. DAE's latest purchases will go to four airlines in four countries

Dubai Aerospace Enterprise buys 10 aircraft for $500m

Dubai Aerospace Enterprise (DAE), a global aviation services company, has acquired ten narrowbody aircraft for around $500 million. DAE will lease the next-generation aircraft to four airlines across four countries, the company said on Tuesday.  “These young aircraft with long remaining lease terms are expected to be favourable to our portfolio’s metrics, once delivered,” said […]