SovereignWealthFunds.comInvestment Corporation of Dubai (ICD)
ICD: what it invests in
Geography Domestic and global
ICD: how big it is, and on what basis
In US dollars: about USD 457.5B. Converted at the fixed rate of AED 3.6725 per US dollar. Consolidated assets include bank balance sheets.
ICD: what it publishes
Published 7 · Partly 2 · Not published 1
Our 10 item score. It measures what is public, not how well a fund is run.
At a glance. The Investment Corporation of Dubai is the principal investment arm of the Government of Dubai and the parent of Emirates, dnata, ENOC, flydubai, Dubai Duty Free and a controlling stake in Emirates NBD. It consolidates these companies, so it reports like a conglomerate: AED 1,680 billion of total assets at end 2025 (about USD 457.5 billion), AED 359 billion of revenue and AED 73 billion of profit. S1 S7
Key points
- Paid AED 24.8 billion to the Government for 2025, up 97 percent on 2024; equity rose to AED 402.6 billion. S7
- Banking and financial services made up 70 percent of segment assets at end 2024, transport 16 percent, oil and gas 3 percent and other 10 percent. S1
- Transport earned the most revenue in 2024, AED 162.5 billion before eliminations, against AED 93.7 billion for banking. S1
- Owns 100 percent of Emirates, dnata, ENOC, flydubai, Dubai Duty Free, DMCC, Borse Dubai and Dubai Aerospace Enterprise. S1
- Listed associates at end 2024 included Emaar, Dubai Islamic Bank, Commercial Bank of Dubai and Nasdaq Inc., with AED 60.5 billion of combined market value. S1
- A new board, chaired by Crown Prince Sheikh Hamdan bin Mohammed, was named by decree on 29 September 2026. S6
- Files audited annual and half-year accounts and is a full member of IFSWF. S8 S3
Interesting facts
- ICD was capitalised with company stakes rather than cash; the Government still records a token capital contribution of AED 4 million a year. S1
- Emirates Group declared a dividend of AED 3.5 billion to ICD after record profit of AED 24.4 billion in the year to March 2026. S9
- Its subsidiaries operate in 83 countries, from DenizBank in Turkiye to Atlantis and One&Only resorts through Kerzner. S4
Mandate and goals
The audited accounts define two jobs: consolidate and manage the Government's commercial companies and investments, and oversee them financially and strategically to build long-term value for Dubai. S1
- Hold and manage the Government of Dubai's portfolio of commercial companies. S1
- Provide financial and strategic oversight to maximise long-term value for the Emirate. S1
- Earn risk-adjusted returns over the long term across asset classes, sectors and regions. S1
- Recycle capital from non-core assets into new local and international opportunities. S5
- Preserve and build Dubai's wealth through sustainable long-term investment. S5
How it invests
| Industries | Financial services, Transport and logistics, Energy: oil and gas, Real estate, Tourism and hospitality, Industrials and manufacturing, Consumer and retail, Agriculture and food security S1 S4 |
|---|---|
| Asset classes | Strategic state holdings, Public equities, Real estate, Fixed income S1 |
| Stages | Buyout, Real estate, Public markets S1 S4 |
| Geography | Domestic and global. Dubai and the UAE dominate; abroad, exposure comes mainly through subsidiaries such as Emirates NBD, dnata and Kerzner S4 |
| Direct / through funds / co-invest | Yes / No / Yes S1 |
| Ticket size | No ticket size is published. S1 |
| Deal sizes seen | AED 1.4B (ALEC listing, 2025) to about USD 6.5B (Emaar stake, 2026) |
| External managers | No external manager programme; assets are held directly through group companies S1 |
| Co-investment programme | Partners on single assets, for example Brookfield on ICD Brookfield Place and Lunate and Olayan Financing as buyers of 49 percent of it S4 |
Sector weights: Banking and financial services 70%, Transport and related services 16%, Oil and gas 3%, Other 10% (as of 2024-12-31) S1
Largest holdings: Emirates (airline) (100%), dnata (100%), ENOC (100%), flydubai (100%), Dubai Duty Free (100%), DMCC (100%), Borse Dubai (100%), Kerzner International (99.99%), Dubai Aerospace Enterprise (100%), Emirates NBD (40.92%) (as of 2024-12-31) S1
Past investments
| Year | Investment | Type | Sector | Stage | Amount | Stake |
|---|---|---|---|---|---|---|
| 2026 | Emaar Properties. ICD's stake moved to Dubai Holding, which became Emaar's largest shareholder. S11 S12 S13 | State asset transfer | Real estate | Public markets | About USD 6.5B (as reported) | |
| 2025 | ALEC Holdings. Listing of 20 percent on the Dubai Financial Market; ICD kept 81.6 percent. S4 | Sale or exit | Industrials and manufacturing | Public markets | AED 1.4B raised | |
| 2025 | Nordic Aviation Capital. Aircraft lessor acquired by Dubai Aerospace Enterprise. S7 | Direct investment | Transport and logistics | Buyout | Not published | |
| 2025 | Emirates Rawabi. ICD raised its stake in the dairy and food company. S7 S4 | Direct investment | Agriculture and food security | Growth | Not published | 47.7% |
| 2025 | Axiom telecom distribution business. Bought by Dubai Investments Economic Zones (DIEZ). S7 | Direct investment | Telecoms and media | Buyout | Not published | |
| 2025 | National Cable Factory (Oman). Cable maker bought by Ducab. S7 | Direct investment | Industrials and manufacturing | Buyout | Not published | |
| 2024 | ICD Brookfield Place. ICD and Brookfield sold 49 percent of the DIFC office tower. S4 | Sale or exit | Real estate | Real estate | Not published | 49% |
| 2024 | Nasdaq Inc.. Partial sale from a 15.53 percent holding; ICD keeps a board seat. S1 | Sale or exit | Financial services | Public markets | Not published | |
| 2023 | Mandarin Oriental New York. Owner of the hotel sold to Reliance Industries. S4 | Sale or exit | Tourism and hospitality | Real estate | Not published | |
| 2023 | Aswaaq. Community retail chain sold to GMG. S4 | Sale or exit | Consumer and retail | Not stated | Not published | |
| 2022 | Ssangyong Engineering and Construction. Sold to Global Sae-A Group. S4 | Sale or exit | Industrials and manufacturing | Not stated | Not published | |
| 2019 | DenizBank. Turkish bank acquired by Emirates NBD. S4 | Direct investment | Financial services | Buyout | Not published | |
| 2017 | AWAS. Aircraft lessor acquired by Dubai Aerospace Enterprise. S4 | Direct investment | Transport and logistics | Buyout | Not published | |
| 2015 | Dragon Oil. Oil producer acquired by ENOC. S4 | Direct investment | Energy: oil and gas | Buyout | Not published | |
| 2015 | London Stock Exchange stake. Borse Dubai sold its holding in the exchange group. S4 | Sale or exit | Financial services | Public markets | USD 2.2B |
Case studies
Emaar: consolidating real estate under one owner S11 S12 S13
- What: Transferred ICD's stake in Emaar Properties to Dubai Holding.
- When: May 2026
- Size: About USD 6.5B, as reported
- Why: Brings Dubai's main property holdings together; Dubai Holding became Emaar's largest shareholder.
- Outcome: Completed 12 May 2026.
ALEC: listing a builder to recycle capital S4 S5
- What: Floated 20 percent of construction group ALEC on the Dubai Financial Market.
- When: October 2025
- Size: AED 1.4B raised
- Why: Fits the stated aim of recycling capital from mature assets into new opportunities.
- Outcome: ICD kept 81.6 percent and control.
ICD Brookfield Place: selling down to regional investors S4
- What: Sold 49 percent of the DIFC office tower, built with Brookfield, to Lunate and Olayan Financing.
- When: 2024
- Size: Not published
- Why: Shows ICD partnering with global and Gulf investors on single assets.
- Outcome: ICD and Brookfield remain owners of the balance.
Investment process
The board, appointed by decree of the Ruler of Dubai, sets direction; the Managing Director runs the company. Investments are made mainly through operating subsidiaries and holding platforms, each with its own management. S6 S5
| Committee | Role |
|---|---|
| Board of Directors | Eight members named by Decree No. 23 of 2026, chaired by the Crown Prince S6 |
| ESG Management Committee | Set up in 2020 with a group ESG policy S4 |
- Hold and oversee government companies through ICD and its sector platforms. S1
- Sell or list non-core or mature assets, often in stages, as with ALEC and ICD Brookfield Place. S5 S4
- Reinvest proceeds in new local or international opportunities and pay distributions to the Government. S5 S7
How to approach: No open pitch channel is published. Use the contact page on the ICD website, or the partnership teams of the relevant portfolio company. S14
Size and returns
- Headline size: AED 1,680B (Total assets (balance sheet), as of 2026-05-26) S10 S7
- In US dollars: about USD 457.5B. Converted at the fixed rate of AED 3.6725 per US dollar. Consolidated assets include bank balance sheets.
- Total assets, audited 2024: AED 1,468.2B (Total assets (balance sheet), as of 2024-12-31) S1
- Total equity, 2025: AED 402.6B (Net assets or equity, as of 2026-05-26) S7
- Total assets, 30 June 2025: AED 1,576.0B (Total assets (balance sheet), as of 2025-06-30) S8
- Returns: the fund does not publish a return figure.
- Size over time (AED billion): 2023 1,322.1, 2024 1,468.2, 2025 1,680 S1 S7
Leadership
| Name | Title | Since |
|---|---|---|
| Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum | Chairman; Crown Prince of Dubai S6 | 2026-09-29 |
| Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum | Vice Chairman; First Deputy Ruler of Dubai S6 | 2026-09-29 |
| Mohammed Ibrahim Al Shaibani | Managing Director S5 | Not published |
| Sheikh Ahmed bin Saeed Al Maktoum | Board member S6 | 2026-09-29 |
| Mohamed bin Hadi Al Hussaini | Board member S6 | 2026-09-29 |
| Reem bint Ebrahim Al Hashimy | Board member S6 | 2026-09-29 |
| Sultan bin Saeed Al Mansoori | Board member S6 | 2026-09-29 |
| Abdulrahman Saleh Al Saleh | Board member S6 | 2026-09-29 |
| Helal Saeed Almarri | Board member S6 | 2026-09-29 |
Governance and transparency
- Legal basis: Dubai Law No. 11 of 2006 S2
- Oversight: Board appointed by decree of the Ruler of Dubai, most recently Decree No. 23 of 2026 S6
- Auditor: Audited IFRS consolidated statements published yearly, with half-year interim statements S1 S8
- Santiago Principles: Full IFSWF member; self-assessments for 2022 and 2025 are on the IFSWF site S3
- Still consolidates Emirates NBD at a 40.92 percent stake because it can direct the bank; total Dubai government ownership is 55.8 percent. S1 S15
- Bonds and sukuk issued through ICD Funding Ltd are listed on Nasdaq Dubai. S4
Transparency score: 8.0 of 10 (band 4 of 5). Our own 10-item rubric; see the methodology page.
History
| Date | Event |
|---|---|
| 2006-05-03 | ICD established by Dubai Law No. 11 of 2006. S2 |
| 2007 | Emirates, dnata, ENOC, Dubal, DWTC and bank stakes transferred in; Emirates NBD formed; Borse Dubai set up. S4 |
| 2010 | Dubai Duty Free, free zones and National Bonds Corporation join the group. S4 |
| 2014 | Atlantis The Palm added to the portfolio. S4 |
| 2017 | ALEC acquired; DAE buys AWAS. S4 |
| 2019 | DAE becomes wholly owned; Emirates NBD buys DenizBank. S4 |
| 2020 | DMCC transferred to ICD; ESG policy adopted. S4 |
| 2023-11-24 | Emirates NBD stake reduced from 55.76 to 40.92 percent. S4 |
| 2025-10 | ALEC Holdings listed on the Dubai Financial Market. S4 |
| 2026-05-12 | Emaar stake transfer to Dubai Holding completed. S12 |
| 2026-09-29 | New board named by Decree No. 23 of 2026. S6 |
For family offices
ICD has no programme open to private capital. Outside investors meet it as buyers of assets it sells down, as partners on single assets, or as shareholders in its listed companies. S4 S1
Reports
- Consolidated financial statements 2024: https://web.archive.org/web/20251220091716if_/https://icd.gov.ae/wp-content/uploads/2024/12/ICD_Consolidated_FS_YE_2024_Signed.pdf S1
- Interim financial statements H1 2025: https://candidocs.nasdaqdubai.com/2025/Nov/13/5d6d6fc1-61e8-437e-ba24-6583f50096c4/ICD%20Consolidated%20Financial%20Statements%20-%20HY%202025.pdf S8
- Financial information page: https://icd.gov.ae/financial-information/ S10
- Interactive annual report 2024: https://reporting.icd.gov.ae/2024/about_us.html S16
Common questions
How big is ICD?
Consolidated total assets were AED 1,680 billion at end 2025, about USD 457.5 billion. The figure includes the balance sheet of Emirates NBD. S7
Does ICD own Emirates airline?
Yes. The audited statements show 100 percent of Emirates, dnata and flydubai. S1
Who runs ICD?
Managing Director Mohammed Ibrahim Al Shaibani. Crown Prince Sheikh Hamdan bin Mohammed chairs the board. S5 S6
How much does ICD pay to Dubai?
AED 24.8 billion for 2025, up 97 percent on 2024. S7
Is ICD a sovereign wealth fund?
It is Dubai's principal investment arm and a full IFSWF member, but it reports as a consolidated holding group. S3
How do I contact ICD?
Through the contact page on its website; no open pitch process is published. S14
Related profiles
- ADQ and L'IMAD Holding United Arab Emirates (Abu Dhabi) · AED 996.8B
- Dubai Holding United Arab Emirates (Dubai) · AED 500B
- Dubai Investment Fund United Arab Emirates (Dubai) · About USD 80B, estimate
- 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
- S1ICD, consolidated financial statements 2024 (audited, archived copy)
- S2Dubai Law No. 11 of 2006 establishing ICD
- S3IFSWF, members list
- S4Wikipedia, Investment Corporation of Dubai (revision of 30 September 2026)
- S5ICD, Our organisation
- S6Government of Dubai protocol office, Decree No. 23 of 2026 on the ICD board
- S7LinkedIn post summarising the ICD 2025 annual report, 26 May 2026
- S8ICD, interim consolidated financial statements H1 2025 (Nasdaq Dubai filing)
- S9Emirates Group, 2025 to 2026 results release
- S10ICD, Financial information
- S11Dubai Financial Market, disclosure on the transfer of Emaar shares by ICD
- S12Dubai Holding, completion of the Emaar Properties transaction
- S13Bloomberg, Emaar shareholding reshuffle, 12 May 2026
- S14ICD, home page
- S15Emirates NBD, annual report 2025
- S16ICD, interactive annual report 2024
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