ICD Galadari stakes transferred to ICD

Dubai: Dubai government stakes in Galadari Group have been transferred to the Investments Corporation of Dubai (ICD) as stated in decree No 18 of 2009, issued by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

The ICD is the investment arm of Dubai government and has a portfolio ranging across all spheres of the economy, including finance, transportation, utilities and energy, industrial, real estate and leisure.

Under the decree, all stakes were transferred to the ICD which replaces Dubai government in all rights and liabilities.

Its portfolio comprises all wholly or partly owned government businesses in Dubai, including Emirates airline and DNATA, Dubai Aluminum, Emirates NBD, Emirates National Oil Co, Dubai Islamic Bank, Emaar Properties, Dubai World Trade Centre and many others.

Shaikh Mohammad also issued decree No 19 of 2009 which annuls decree No 23 of 2007, regarding the setting up of Margham Dubai Establishment. Under the new decree, Margham Dubai has changed its name to the Dubai Supply Authority Establishment and includes all rights and liabilities.

It also states that all employees must be transferred to the authority with their full rights.

About ICD

The Investment Corporation of Dubai (ICD) was established in May 2006, following the transfer of Dubai Government's portfolio of investments from the Department of Finance's Investment Division.

ICD's role is to supervise the Government's investment portfolio, adding value through the implementation of global best practice corporate governance, recruitment of best professionals and embracing of a global investment strategy.
Formed as an independent financial and administrative body, ICD has been mandated to encourage investments in the emirate and manage a range of assets to the highest level of international best practice in corporate governance, both locally and globally.

It also provides direct supervision of the management of financial, industrial and services investments made by the Dubai Government.