Dubai Investment Fund

صندوق دبي للاستثمارات · United Arab Emirates · Middle East · Founded 2023 · State holding company · Not an IFSWF member

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Focus

Dubai Investment Fund: what it invests in

Infrastructure and utilitiesTransport and logisticsFinancial services

Strategic state holdingsPublic equitiesFixed income

Geography Domestic and global

Scale

Dubai Investment Fund: how big it is, and on what basis

About USD 80B Estimate

Published estimateAs of 2026-01-05

In US dollars: about USD 80B. Press estimate reported by Khaleej Times; DIF does not publish its assets.

Transparency

Dubai Investment Fund: what it publishes

2.5 of 10 Band 2 of 5

Published 2 · Partly 1 · Not published 7

Our 10 item score. It measures what is public, not how well a fund is run.

DEWA stakeS7: 82%; As of 2024-12-31
Salik stakeS8: 75.1%; As of 2025-12-31
Parkin shares sold in IPOS9: 24.99% (749.7M shares, 2024); As of 2024-02-27
Board membersS2: 5; As of 2023-12-11
Founding lawS1: Law No. 25 of 2023; As of 2023-11-21
Transparency scoreS6: 2.5 of 10

At a glance. The Dubai Investment Fund was created by Law No. 25 of 2023 to invest the Dubai Government's funds, surpluses and general reserve at home and abroad. It is the government's holding vehicle for listed state companies: it owns 82 percent of DEWA and 75.1 percent of Salik and sold 24.99 percent of Parkin in a 2024 listing. It does not publish its total assets; press reports put them at about USD 80 billion. S6 S4 S7 S8 S9

Key points

The law tasks it with financing the government deficit when needed and building strong financial reserves. S4
Stated focus at launch was stocks and bonds, both in Dubai and abroad. S5
Took over the Department of Finance stake in DEWA, now 82 percent of the listed utility. S7
Holds 75.1 percent of toll operator Salik; the other 24.9 percent trades on the Dubai Financial Market. S8
Sold all 749.7 million Parkin shares offered in the March 2024 listing, 24.99 percent of the parking operator. S9
Does not publish total assets, returns or an annual report. S6

Interesting facts

The Parkin listing was Dubai's first privatisation of 2024, with the fund as selling shareholder. S9
It is separate from Investment Corporation of Dubai, the emirate's older holding company, which has its own board and decree. S10
Its chairman is Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai. S2

Mandate and goals

Invest Dubai Government funds, surpluses and the general reserve locally and internationally for current and future generations, under a board-approved investment policy. S4

Earn returns for current and future generations. S4
Support financial stability by financing any government deficit. S4
Build strong financial reserves for the emirate. S4
Hold and manage the government's shares in major state companies. S5 S11

How it invests

Industries	Infrastructure and utilities, Transport and logistics, Financial services S5 S7 S8
Asset classes	Strategic state holdings, Public equities, Fixed income S5
Stages	Public markets S5
Geography	Domestic and global. Local and international under the law; holdings named so far are in Dubai S4
Direct / through funds / co-invest	Yes / Not published / Not published S4
Ticket size	No ticket size published S4
External managers	Not published S4
Co-investment programme	No co-investment programme published S4

Largest holdings: Dubai Electricity and Water Authority (DEWA) (82%), Salik (75.1%), Parkin (75.01%), Dubai Taxi Company (dates from 2023-12-11 to 2025-12-31) S5 S7 S8 S9

Past investments

Year	Investment	Type	Sector	Stage	Stake
2024	Parkin IPO (partial sale). Sold 749.7 million shares, 24.99 percent, in the Dubai Financial Market listing. S9	Sale or exit	Transport and logistics	Public markets	24.99%
2023	Dubai Electricity and Water Authority. Department of Finance stake moved to the fund; now 82 percent. S7	State asset transfer	Infrastructure and utilities	Public markets	82%
2023	Salik. Majority stake in the toll operator, now 75.1 percent. S8	State asset transfer	Transport and logistics	Public markets	75.1%
2023	Dubai Taxi Company. Government shares named for transfer at creation. S5	State asset transfer	Transport and logistics	Public markets

Case studies

Seller in a Dubai privatisation S9

What: The fund sold 24.99 percent of parking operator Parkin in an IPO on the Dubai Financial Market.
When: March 2024
Size: 749.7 million shares
Why: Part of Dubai's programme to list state-linked companies and deepen its stock market.
Outcome: The fund kept 75.01 percent.

Investment process

A five-member board sets and approves the investment policy. The CEO is appointed by decision of the Chairman of the Executive Council of Dubai, and the board chairman issues implementing decisions with board approval. S2 S4

Committee	Role
Board of Directors	Formed by Executive Council Resolution No. 94 of 2023; approves investment policy S2

Board approves the investment policy for local and international investments. S4

How to approach: The fund publishes no investment programme, website or contact route for outside investors. S4

Size and returns

Headline size: About USD 80B, estimate (Published estimate, as of 2026-01-05) S12
In US dollars: about USD 80B. Press estimate reported by Khaleej Times; DIF does not publish its assets.
Returns: the fund does not publish a return figure.

Leadership

Name	Title	Since
Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum	Chairman; First Deputy Ruler of Dubai S2	2023-12
Abdulrahman Saleh Al Saleh	Vice Chairman S2	2023-12
Abdulaziz Mohammed Al Mulla	Chief Executive Officer and board member S2	2023-12
Rashid Ali bin Obood	Board member S2	2023-12
Ahmad Ali Meftah	Board member S2	2023-12

Governance and transparency

Legal basis: Law No. 25 of 2023 issued by the Ruler of Dubai; independent public entity with financial and administrative independence S6 S1
Oversight: Executive Council of Dubai, which formed the board and approves the CEO S2
Law text published on the Supreme Legislation Committee portal and in the official gazette. S1
Not an IFSWF member. S3

Transparency score: 2.5 of 10 (band 2 of 5). Our own 10-item rubric; see the methodology page.

Published: governance and mandate documents, named leadership. S2 S4
Partly published: holdings or deal list. S5
Not published: total assets, annual return, long-term returns, asset allocation, geographic or sector split, audited financial statements, regular reporting schedule. S5 S6

History

Date	Event
2023-11-21	Law No. 25 dated on the legislation portal. S1
2023-12-11	Law, board and CEO announced. S2
2024-03	Parkin IPO with the fund as seller. S9
2026-09-29	Separate decree on the Investment Corporation of Dubai board. S10

For family offices

The fund has no programme or contact route for outside investors. Public investors can own listed companies it controls, such as DEWA, Salik and Parkin, through the Dubai Financial Market. S4 S7 S8

Investors can buy shares when the fund sells stakes in state company listings, as with Parkin in 2024. S9

Reports

Law No. 25 of 2023 (legislation portal): https://slc.dubai.gov.ae/ar/legislation-portal/detail?id=0900000a8013ef21 S1

Common questions

When was the Dubai Investment Fund created?

By Law No. 25 of 2023, announced on 11 December 2023. S2

Who chairs the Dubai Investment Fund?

Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum. Abdulaziz Mohammed Al Mulla is CEO. S2

How big is the Dubai Investment Fund?

It does not publish its assets. Its known holdings include 82 percent of DEWA and 75.1 percent of Salik. S6

Is it the same as Investment Corporation of Dubai?

No. They are separate entities with separate boards. S10

Is it an IFSWF member?

No. S3

Investment Corporation of Dubai (ICD) United Arab Emirates (Dubai) · AED 1,680B
ADQ and L'IMAD Holding United Arab Emirates (Abu Dhabi) · AED 996.8B
Dubai Holding United Arab Emirates (Dubai) · AED 500B
Mumtalakat Holding Company Bahrain · BHD 7.22B
Wafra Kuwait · KD 119.0M
Dubai World United Arab Emirates (Dubai) · Not disclosed

All sovereign wealth funds in Middle East · All state holding companys · All funds in United Arab Emirates

Sources

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