Investment Corporation of Dubai
Dubai government investment company established in 2006 that holds the emirate's stakes in companies including Emirates airline, dnata, ENOC and Emirates NBD. It reported total assets of AED 1.47 trillion for 2024.
Industry: Sovereign investment | Location: Dubai, United Arab Emirates | Founded: 2006
About Investment Corporation of Dubai
Investment Corporation of Dubai, known as ICD, is the principal investment arm of the Government of Dubai. Its mandate is to consolidate and manage the government's portfolio of commercial companies and investments and to provide financial and strategic oversight of that portfolio. It is headquartered at One Za'abeel in Dubai.
ICD was established on 3 May 2006 under Law No. 11 of 2006. In 2007 the Government of Dubai transferred majority stakes in Emirates Airline, dnata, Emirates National Oil Company and others to it, and ICD acquired Borse Dubai. Later additions included a controlling stake in Dubai Aerospace Enterprise in 2012, Atlantis The Palm in 2014, Kerzner International and flydubai in 2015, and ALEC Engineering and Contracting in 2017.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, chairs the board, and Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum is vice-chairman. Mohammed Ibrahim Al Shaibani is board member and managing director. Its 2024 annual report groups the portfolio in four segments: transportation and related services, including dnata and flydubai; oil and gas, including ENOC; banking and financial services, including Emirates NBD and Dubai Islamic Bank; and other holdings such as Emaar Properties and Dubai Duty Free.
In 2023 Borse Dubai and ALEC became wholly owned subsidiaries. The annual report says the group has a presence in 85 countries and more than 1,300 direct and indirect subsidiaries.
ICD reported total revenues of AED 349.6 billion and net profit of AED 67.5 billion for 2024, up 13 percent and 11 percent on 2023. Total assets reached AED 1.47 trillion. ICD paid a dividend of AED 12.6 billion to the Government of Dubai.
On 11 May 2026 Emaar Properties disclosed on the Dubai Financial Market that ICD had transferred its entire shareholding in Emaar to Emirates Power Investment, a subsidiary of Dubai Holding. Emirates Power Investment now holds 22.2723 percent of Emaar, and ICD holds no Emaar shares, according to Khaleej Times. TechScoop reported the transaction at about AED 23.9 billion, a price the Khaleej Times report did not state.