Investment Corporation of Dubai

Country: United Arab Emirates - Dubai

Established: 2006

US$ Billion: 19.6

Origin: Oil

Transparency Rating: 4

In the emirate of Dubai of the United Arab Emirates, the SWF, is broken into several operating investment companies. It was formed in May 2006, with the transfer of the government's portfolio of investments from The Department of Finance's Investment Division. Similar to Abu Dhabi's strategy, Dubai developed plans to diversify their reliance on oil exports through creating sovereign wealth vehicles. One of its goals is to help better manage Dubai's state-owned enterprises.

Sovereign Wealth Enterprises:

1. Borse Dubai, Ltd.
AUM: $2.2 Billion

A holding company incorporated in 2007 that is based in Dubai, UAE. It acts as holding company for Dubai Financial Market and Dubai International Financial Exchange. It is 60% owned by the Investment Corporation of Dubai, 20% owned by Dubai Group LLC and 20% owned by DIFC Investments LLC.

2. Dubai Holdings

A holding company based in Dubai, UAE.

Some Subsidiaries include:
Dubai International Capital
AUM: $13 Billion
Founded 2004, it makes investments in public and private firms. They are more transparent in their holdings than their peers.

Dubai Group
Established in 2000 as the investment office, they have rebranded themselves as a diversified investment group. They are a diversified investment group investing in real estate, funds, and other investment vehicles.

Launched in December 2005, Tatweer is the strategic and operational driver of a selected group of Dubai Holding entities that will develop new markets to serve the development of Dubai. Tatweer will continuously strive for world-class performance implementing leadership development to drive and sustain business excellence, quality and high performance.

Its portfolio is divided into Energy & Healthcare, Tourism & Entertainment, Industry, Knowledge & Real Estate, and includes forthcoming projects that will persist to the best perceived excellence standards in the strive to work Dubai up to the world-class enterprise vision that is set to be accomplished in the imminent future.

source: Dubai Holdings

News and Updates

Investment Corporation of Dubai portfolios value rises to Dh72 billion
According to Business 24-7, "The value of holdings of Investment Corporation of Dubai (ICD), the investment arm of the emirate, has substantially increased during the year to reach about Dh72 billion when computed on October 27 trading price of the listed companies in the portfolio. ICD has two investment portfolios, one that of listed companies and the other made up of unlisted firms. The valuations of the unlisted companies have been furnished by ICD through the prospectus. Thus while the portfolio of listed companies is valued at Dh27.714bn as of October 27, the valuation of the unlisted companies has been accepted as Dh44.067bn."
read more: Business 24-7

Dubai World is independent of ICD
According to FT, "Separately, government-owned Dubai World and Investment Corporation of Dubai, the government’s holding company, said on Thursday that there was no plan for Dubai World to move under ICD’s umbrella.

'We are an independent corporation with significant operations around the world and there is no plan to move Dubai World under ICD,' Dubai World said in a statement."
read more: FT

Dubai overhauls business empire to cut costs
According to FT, "Dubai has launched a wide- ranging restructuring of its government-controlled companies. Those owned by the emirate's ruler will also be reorganised. The restructuring is aimed at consolidating the sprawling empires that were instrumental in fuelling Dubai's debt-driven growth, and reducing costs at a time when the city-state's revenues from trade, tourism and finance, have been reduced."
read more: FT

Dubai International Capital says Dubai debt manageable
According to Reuters, "Dubai International Capital (DIC) said on Saturday Dubai's estimated $70 billion debt was "manageable" and the Gulf's commercial hub would not need to be "bailed out" as the credit crunch hits the world's top oil exporting region."
read more: Thomson Reuters

Dubai Group to Invest $1 Billion in US Equities
According to sources, the Dubai Group, the diversified financial services firm of the government-owned Dubai Holding, will start a Dh3.67 billion ($1 billion) fund to invest in US equities by next year as it is also looking to Asia, Africa and emerging Europe for growth and expansion. The money for the US fund will come from Gulf Arab investors, according to Thomas Volpe, the chief executive officer of Dubai Group, which has seven units with interests in asset management, conventional and Islamic banking, private equity and insurance. He said the investment would focus on traditional asset management services, shying away from distressed financial services firms in the US and Europe that have been affected by the subprime mortgage crisis. Dubai Group also has commercial properties in the US.
read more: Khaleej Times

Transparency remains key to Dubai’s growth: Shaibani
Highest levels of corporate governance and transparency will remain the key to Dubai’s ongoing growth and future prosperity, Mohammed Ibrahim Al Shaibani, Board member and Chief Executive Officer of the Investment Corporation of Dubai (ICD), the investment arm of Dubai government, said on Monday. Shaibani, who is also Director-General of The Dubai Ruler’s Court, was voicing his support to a statement by the Public Prosecutor of the Government of Dubai on Sunday stressing zero-tolerance towards all acts of corruption, bribing and taking advantage of official positions.
read more: Khajeel Times

Zabeel Investments enters joint venture with The Light Group
The joint venture stands as the first mark of entry for Zabeel Investments into the United States. Since its inception February 2006, Zabeel Investments has penetrated the high-end commercial real estate development and management sector in the UAA. The group currently has an abundance of projects in the making including; the Tiara United Towers on Sheikh Zayed Road and America Hotels & Resorts in Tatweer's Bawadi entertainment themed development.

In terms of strategic investments, Zabeel Investments holds large stakes in a variety of international companies including the European Aeronautic Defense and Space Company (EADS) and Sony Corporation.

Borse Dubai Considers QIA Offer in Exchange for LSE Stake
The largest shareholder of London Stock Exchange Group Plc, Borse Dubai, has agreed to purchase OMX AB from the Qatar Investment Agency. Chairman Essa Kazim told reporters on Wednesday that Borse Dubai Ltd. would consider an offer from the QIA in its stake for LSE.

Dubai International Capital to invest US$ 5 Billion in China, India and Japan
Dubai international has reported that it plans to invest US$ 5 Billion in China, India and Japan over the next three years. The chief operating officer, Anand Krishnan reported that the fund may also raise its stake in existing holdings of Sony Corp and further stated an interest in potential investments of other Japanese shares.

Dubai Ventures opens new office
Dubai Ventures, a subsidiary of Dubai Group, will open an office in Mumbai by the end of the first quarter.


Main Site - Investment Corporation of Dubai
Borse Dubai
Dubai Holding

Major Direct Foreign Investments (Public)

Company Country Industry % Ownership Comments
Och Ziff Capital Management Group LLC United States Financials 51.4% Dubai Holding (Subsidiary)
Nasdaq OMX Group Inc United States Financials 43.6% Borse Dubai (Subsidiary)
London Stock Exchange Group United Kingdom Financials 20.6% Borse Dubai (Subsidiary)
China Enersave Ltd China 10.89% Dubai Group --> Dubai Holding (Subsidiary)
Orient Express Hotels Ltd United States Consumer Services 9.2% Dubai Holding (Subsidiary)
Marfin Investment Group Holdings SA Greece Financials 9.07% Dubai Group --> Dubai Holding (Subsidiary)
EADS N.V. Netherlands Defense 3.12% Dubai International Capital Investment(Subsidiary)
ICICI Bank Limited India Financials 2.87% Dubai International Capital Investment(Subsidiary)
DaimlerChrysler AG Germany Auto ~2% Dubai International Capital Investment(Subsidiary)

Major Direct Foreign Investments (Private)

Company Country Type % Ownership Comments
Travelodge UK United Kingdom Subsidiary 100% Dubai International Capital (Subsidiary)
Mauser AG Germany Subsidiary 100% Dubai International Capital (Subsidiary)
Chiranjjeevi Wind Energy Ltd India Private 40%% Dubai Investment Group

1. All figures quoted are from official sources, or, where the institutions concerned do not issue statistics of their holdings, from other publicly available sources.

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