Dubai ruler issues decrees to restructure boards of Investment Corporation of Dubai and Meydan City Corporation

Under the decree, Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum is now chairman of the corporation's board

Investment Corporation of Dubai owns more than Dh1 trillion in assets, including Emirates National Oil Corporation. Sarah Dea / The National

The ruler of Dubai on Saturday issued decrees to restructure the boards of the emirate's sovereign wealth fund Investment Corporation of Dubai (ICD) and state-owned developer Meydan City Corporation.

Under Decree No. (24) of 2020, Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum will lead ICD as the chairman of the board, according to a tweet by the Dubai government's media office. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum is its vice chairman.

Members of the board include Sheikh Ahmed bin Saeed Al Maktoum, Reem bint Ibrahim Al Hashimy, Sultan bin Saeed Al Mansouri, Mohammed Ibrahim Al Shaibani, Abdulrahman Saleh Al Saleh, Mohammed Hadi Al Hussaini, and Helal Saeed Al Marri.

Mohammed Ibrahim Al Shaibani will serve as the managing director.

Sheikh Mohammed also issued Decree No. (25) of 2020 regarding the board of directors of Meydan City Corporation.

"The decrees are effective from their date of issuance," according to the statement.

ICD, the principal investment arm of the emirate’s government, reported a 17 per cent increase in net profit for 2019 following a strong performance from investments in banking and financial services as well as transportation businesses.

Net profit increased to Dh25 billion from the year-earlier period, it said in May.

It owns stakes in some of Dubai's biggest and best-known names, including Emirates airline and Dubai's biggest bank, Emirates NBD. It also owns Emirates National Oil Corporation, holds a minority stake in developer Emaar Properties and in the Dubai Airport Free Zone and the World Trade Centre.

In 2019, ICD's total assets passed the Dh1 trillion mark, growing by 27.5 per cent to Dh1.12tn.

At the Meydan City Corporation, the Meydan racecourse is the centrepiece offering a full season of horseracing, the highlight of which is the world’s richest raceday, the Dubai World Cup.

The Meydan group’s portfolio includes real estate projects and housing for airline Emirates, according to its website.