Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, has issued a decree to appoint the board of directors for the Investment Corporation of Dubai (ICD). According to a statement released by the Dubai Media Office on Tuesday, the ICD’s board will be chaired by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, under Decree No. (40) of 2023. Sheikh Maktoum bin Mohammed, First Deputy Ruler of Dubai, will serve as the vice chairman of the board.

The other members of the ICD’s board of directors include 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 will be effective from the date of its issuance, as stated in the announcement. The ICD serves as the primary investment entity of the Dubai government, managing a diverse portfolio that includes assets in sectors such as airlines and banking. This reflects Dubai’s strategic focus areas and growth plans.A significant increase in net profit for the year 2022 was reported, with a fivefold surge, as revenue experienced a record-breaking growth of 58%. This exceptional performance was observed across all business units, leading to a total net profit of Dh29.77 billion ($8.1 billion) for the year, as disclosed by ICD in a regulatory filing to Nasdaq Dubai in May. The surge in travel and tourism activities, along with higher oil and gas income, contributed to the achievement of a record revenue of Dh267.4 billion. The company emphasized that revenue growth outpaced operational costs, resulting in improved margins. Notably, Emirates airline, which is owned by ICD, achieved a record annual profit due to strong travel demand following the reopening of international borders and the lifting of pandemic-related restrictions by governments. In the fiscal year ending on March 31, the airline recorded a profit of Dh10.6 billion, a significant turnaround from the previous year’s loss of Dh3.9 billion. ICD’s portfolio encompasses various entities, including Emirates NBD, Commercial Bank of Dubai, Dubai Islamic Bank, National Bonds Corporation, Enoc, dnata, flydubai, and plane lessor DAE.