Sheikh Mohammed issues decree; ICD forms new board

Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has issued a new decree to form the board for the Investment Corporation of Dubai (ICD).

Investment Corporation of Dubai  is the main investment arm of the government

Sheikh Hamdan bin Mohammed Al Maktoum, Crown Prince of Dubai, and Chairman of The Executive Council of the emirate, will chair the board. Sheikh Maktoum bin Mohammed, the First Deputy Ruler of the emirate, will serve as the Vice Chairman of the board, state news agency, WAM reported.

ICD board members

Sheikh Ahmed bin Saeed Al Maktoum, chairman of the Dubai Civil Aviation Authority and chairman and chief executive of Emirates Airline and Group, along with Mohamed Hadi Al Hussaini, Reem bint Ebrahim Al Hashimy, Sultan bin Saeed Al Mansouri, Mohammed Ibrahim Al Shaibani, Abdulrahman Saleh Al Saleh and Helal Saeed Al Marri will serve as board members.

Mohammed Ibrahim Al Shaibani will serve as the managing director.

In other news, in May, the entity announced that its consolidated financial results for the year ended December 31, 2022 generated record revenues of Dhs267.4bn and a record net profit of Dhs36.1bn.

The wealth fund said its banking and financial services division, the largest contributor in 2022, generated Dhs15.3bn of net profit.

The entity said the net profit attributable to the equity holder came in at Dhs29.8bn.