Picture courtesy: WAM
The Funding Company of Dubai (ICD), the emirate’s sovereign wealth fund, has unveiled a rebrand of its visible identification with a brand new brand, as a part of the fund’s broader technique to adapt to the altering world funding panorama.
Sooner or later, Dubai’s sovereign wealth fund shall be identified by the acronym ‘ICD’, with its visible identification reflecting its dynamism and evergreen dedication to pursuing development and growth.
“As we proceed to evolve and develop, our new identification will mirror the spirit and mentality with which we exist on the earth right now. We lean on our previous whereas embracing the long run,” stated Mohammed Ibrahim Al Shaibani, the director of ICD.
“ICD will proceed to construct on its successes and embrace a ahead and future-oriented imaginative and prescient because it strives to maximise worth for the long-term advantage of the Emirate of Dubai.”
Dubai’s sovereign wealth fund is chaired by Sheikh Hamdan bin Mohammed Al Maktoum, Crown Prince and Chairman of the Dubai Govt Council.
The state investor reported a rise in half-year revenue of greater than 91 p.c, pushed by development in all enterprise segments and robust financial momentum.
ICD stated the banking and transport divisions’ respective contributions to the wealth fund’s income elevated by Dhs8.2 billion and Dhs7.7 billion.
Internet revenue attributable to the shareholder, the Authorities of Dubai, amounted to Dh22.6 billion.
The fund’s revenues reached a file Dh145.1 billion, up 20 p.c with a rise of Dh24 billion in comparison with the identical interval final 12 months. Property rose 6.5 p.c to succeed in a file Dhs1.3 trillion, primarily pushed by the expansion of banking belongings.
Based in 2006, ICD is the principal funding arm of the Dubai authorities and has stakes in Emirates Group and Emirates NBD, Emaar Properties and Emirates Nationwide Oil Firm (ENOC).
Dubai is organising a brand new fund
In the meantime, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, issued a legislation in December to ascertain the Dubai Funding Fund.
The newly created fund has stakes in utilities large DEWA, toll operator Salik and Dubai Taxi Firm – which have been privatized in recent times.
Dubai World, which owns DP World, amongst others, can also be affiliated with the brand new fund, however it would retain its “authorized identification”.
The state fund invests authorities funds, surpluses and the final reserve domestically and internationally. It additionally has the facility to create corporations and funding funds, and to purchase or merge corporations.
The fund’s mission is to strengthen the emirate’s monetary stability by financing the federal government deficit and constructing sturdy monetary reserves to advertise the long-term monetary sustainability of the emirates.
It’s chaired by Sheikh Maktoum bin Mohammed bin Rashid al-Maktoum, Deputy Ruler of Dubai and the UAE Minister of Finance.