LONDON – 23 February 2023. Today, the International Forum of Sovereign Wealth Funds (IFSWF), a global network of sovereign wealth funds from 44 countries, is pleased to announce that it has admitted the Investment Corporation of Dubai (ICD) as a full member.
ICD is the principal investment arm of the Government of Dubai. Established in 2006, it manages a broad portfolio of assets, both locally and internationally, across a wide spectrum of sectors that support Dubai’s economy. ICD’s mandate is to consolidate and manage the Government’s portfolio of commercial companies and investments. ICD also provides strategic oversight by developing and implementing an investment strategy and corporate governance policies that maximise value for the long-term benefit of the Emirate of Dubai.
By joining the IFSWF, ICD voluntarily agrees to uphold the Generally Accepted Principles and Practices for governance, investment and risk management of sovereign wealth funds, known as the Santiago Principles®. By applying the Principles, IFSWF members demonstrate their commitment to professional, independent, and commercially orientated investment management as they seek to fulfil the mandates set for them by their owners.
Obaid Amrane, Acting Chair of the IFSWF, said:
“We are delighted to welcome such a well-respected investor as ICD to the IFSWF community. ICD has demonstrated a deep commitment to good governance, professionalism and transparency and will be a valued member of our community.”
H.E. Mohammed Ibrahim Al Shaibani, Managing Director of ICD, said
“ICD is delighted to become a full member of IFSWF. Our membership demonstrates ICD’s commitment to upholding leading standards for governance and is aligned with our core values of Excellence, Commitment, Sustainability, Integrity and Respect. We look forward to collaborating with IFSWF and its esteemed members.”
About the International Forum of Sovereign Wealth Funds
The International Forum of Sovereign Wealth Funds (IFSWF) is a voluntary organisation of global sovereign wealth funds committed to promoting good governance and investment management practices through dialogue, research and self-assessment. The IFSWF also seeks to promote a deeper understanding of sovereign wealth fund activity amongst government and financial services institutions.
The Santiago Principles are a registered trademark of IFSWF Ltd.
Find out more at www.ifswf.org
Contact: Victoria Barbary, Director of Strategy & Communications, IFSWF, firstname.lastname@example.org
About Investment Corporation of Dubai
The Investment Corporation of Dubai (ICD) is the principal investment arm of the Government of Dubai. It was established in May 2006 by decree (11) of 2006 and mandated the consolidation and management of the Government of Dubai’s portfolio of commercial companies and investments. ICD was also assigned the provision of strategic oversight to portfolio companies through the development and implementation of effective corporate governance policies and sound investment strategies. ICD is focused on maximizing stakeholder value for the long-term benefit of the Emirate.
ICD’s portfolio comprises some of Dubai’s most recognised companies. It represents a cross-section of vital economic sectors that the Government of Dubai has deemed strategic for the continued development and growth of the Emirate. The sectors include financial services, transportation, energy and industry, real estate and construction, hospitality and leisure, retail, and other holdings. In addition, ICD has embarked on a disciplined and sustainable strategy of global investments, which are synergistic with its existing portfolio, to extend Dubai’s presence and expertise into international markets.
For more information, please visit: http://www.icd.gov.ae/