DEFINITION of 'Investment Corporation Of Dubai (ICD)'
The Investment Corporation of Dubai (ICD) is a government-owned investment organization that manages a sovereign wealth fund for Dubai, United Arab Emirates. The ICD's mandate is to generate investment returns while also benefiting Dubai. The fund is invested wholly in government-owned businesses.
BREAKING DOWN 'Investment Corporation Of Dubai (ICD)'
The ICD was established in May 2006 by transferring the assets from the Dubai Department of Finance's Investment Division to the newly formed entity. The ICD is invested in a wide array of business sectors, including the financial sector, transportation, utilities and energy, industrial firms, and real estate. The ICD is governed by a six-member board of directors, and maintains a staff of approximately 50 professionals.