New board appointed for Investment Corporation of Dubai

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, will be chairman

ICD posted a fivefold rise in net profit last year. EPA

Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, has issued a decree appointing the Investment Corporation of Dubai's board of directors.

The ICD's board will be chaired by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, under Decree No. (40) of 2023, according to a statement by the Dubai Media Office on Tuesday.

Sheikh Maktoum bin Mohammed, First Deputy Ruler of Dubai, will be vice chairman of the board.

Other members of the ICD's board of directors are Sheikh Ahmed bin Saeed, chairman and chief executive of Emirates airline and group; Mohamed Al Hussaini, Minister of State for Financial Affairs​; Reem Al Hashimy, Minister of State for International Co-operation; Sultan Al Mansouri, former Minister of Economy; Mohammed Al Shaibani, managing director of the ICD; Abdulrahman Al Saleh, director general of Dubai's Department of Finance; and Helal Al Marri, director general of Dubai's Department of Economy and Tourism.

The decree is effective from its date of issuance, the statement said.

The ICD is the principal investment arm of the emirate’s government and its portfolio includes assets from airlines to banks, reflecting Dubai's strategic focus areas and growth plans.

It reported a fivefold surge in its 2022 net profit as revenue rose by a record 58 per cent on the back of an improved performance by all of its business units.

Total net profit for the full year climbed to Dh29.77 billion ($8.1 billion) last year, ICD said in a regulatory filing to Nasdaq Dubai in May.

Revenue also reached a record Dh267.4 billion on the back of a surge in travel and tourism activities and higher oil and gas income. Overall, revenue grew faster than operational costs, boosting margins, the company said.

The ICD owns Emirates airline, which swung to a record annual profit on strong travel demand as governments reopened international borders and lifted pandemic-related restrictions.

The airline posted a Dh10.6 billion profit in the fiscal year that ended on March 31, compared with a Dh3.9 billion loss in the previous year.

ICD's portfolio also includes Emirates NBD, Commercial Bank of Dubai, Dubai Islamic Bank and National Bonds Corporation, Enoc, dnata, flydubai and plane lessor DAE.