Investment Corporation of Dubai
Country: United Arab Emirates - Dubai
Established: 2006
US$ Billion: N/A
Origin: Oil
Transparency Rating: 5
Summary:
In the emirate of Dubai of the United Arab Emirates, the SWF, is broken into several operating investment companies. It was formed in May 2006, with the transfer of the government's portfolio of investments from The Department of Finance's Investment Division. Similar to Abu Dhabi's strategy, Dubai developed plans to diversify their reliance on oil exports through creating sovereign wealth vehicles.
Subsidiaries of the Investment Corporation of Dubai:
1. Borse Dubai, Ltd.
AUM: $2.2 Billion
A holding company based in Dubai, UAE. It acts as holding company for Dubai Financial Market and Dubai International Financial Exchange.
2. Dubai Holdings
AUM: $1.2 Billion
A holding company based in Dubai, UAE.
Some Subsidiaries include:
- Dubai International Capital
AUM: $12 Billion
Founded 2004, it makes investments in public and private firms. They are more transparent in their holdings than their peers.
- Dubai Group
Established in 2000 as the investment office, they have rebranded themselves as a diversified investment group. They are a diversified investment group investing in real estate, funds, and other investment vehicles.
3. Dubai World
AUM: $3.2 Billion
Founded: 2005. It is a company launched by the government of Dubai, which plays a significant role in the creation of projects among the top companies in the Middle East. Their main focus will be on new areas of growth, such as media, healthcare, tourism, property, energy, industrial, research and humanitarian-related projects. Around 50% of their investments are in North America and the remaining in Asia.
Some Subsidiaries include:
- DP World
- Istithmar
VC Private Equity - 2.6 Billion AUM.
Founded: 2003. Istithmar PJSC (IPJSC), a Dubai, U.A.E.-based private equity firm.
It is 100% owned by Dubai World. It is a joint venture partner of Kerzner International, Ltd. Istithmar Hotels FZE is a subsidiary if IPJSC. It primarily focuses its investments primarily in the consumer, financial services, industrials and real estate sectors.
4. Tatweer
Launched in December 2005, Tatweer is the strategic and operational driver of a selected group of Dubai Holding entities that will develop new markets to serve the development of Dubai. Tatweer will continuously strive for world-class performance implementing leadership development to drive and sustain business excellence, quality and high performance.
Its portfolio is divided into Energy & Healthcare, Tourism & Entertainment, Industry, Knowledge & Real Estate, and includes forthcoming projects that will persist to the best perceived excellence standards in the strive to work Dubai up to the world-class enterprise vision that is set to be accomplished in the imminent future.
News and Updates
4/18/08
Dubai World to invest and partner with Republic of Benin in major tourism plan
According to AME News,"Dubai World announced today that it has entered negotiations with the Government of Benin to develop large-scale tourist attractions in the West African country, including a 32 kilometre beachfront development, which will be masterplanned , as well as an international hotel in the capital city of Porto Novo."
read more: AME info
4/4/08
Dubai World creates an all-female PE Firm
Forsa, LLC is a investment firm in the United Arab Emirates.
read more: Forsa
2/29/08
Dubai World fights back at criticism
Sultan Ahmed Bin Sulayem, chairman of Dubai World, said sovereign wealth funds may choose to not invest in Europe in response to EU criticism that funds are too "opaque". The criticism came from EU Monetary Affairs Commissioner Joaquin Almunia and EU Internal Market Commissioner Charlie McCreevy earlier in the week. In response to McCreevy who stated a necessity for common principles regarding transparency and governance, Sultan Ahmed Bin Sulayem said "If somebody comes with regulations that make it difficult for someone from certain geographical locations to invest in Europe or the west, people will take their investment somewhere else."
read more: BBC News
2/24/08
Hotelier plans $170mn luxury resort on The World Island Greece
The owner Van Gysel of the Island of Greece on Nakheel's man-made The World Islands announced on Sunday plans to turn the Island into a luxury boutique resort.
Van Gysel has said 'V…Greece on The World' would be "inspired by light and water" and offer "a vision of pure and simplistic comfort and ultimate luxury".
The Island complex would include shops, restaurants, and a 65-room boutique. Construction is to begin this year, with Italy-based Achietti Associatti responsible for the design.
read more: Arabian Business
2/24/08
Flagship ocean liner sold to Dubai World
The flagship of the Cunard ocean liners, QE2 has been sold to Dubai World for $100 million and will be decommissioned in November. The ship will cease her role as a passenger vessel and be refurbished and transformed into a luxury floating hotel. The hotel will be located on a pier at The Palm Jumeirah, the world's largest man-made island.
read more: Malaysia Sun
2/21/08
Zabeel Investments enters joint venture with The Light Group
The joint venture stands as the first mark of entry for Zabeel Investments into the United States. Since its inception February 2006, Zabeel Investments has penetrated the high-end commercial real estate development and management sector in the UAA. The group currently has an abundance of projects in the making including; the Tiara United Towers on Sheikh Zayed Road and America Hotels & Resorts in Tatweer's Bawadi entertainment themed development.
In terms of strategic investments, Zabeel Investments holds large stakes in a variety of international companies including the European Aeronautic Defense and Space Company (EADS) and Sony Corporation.
2/20/2008
Borse Dubai Considers QIA Offer in Exchange for LSE Stake
The largest shareholder of London Stock Exchange Group Plc, Borse Dubai, has agreed to purchase OMX AB from the Qatar Investment Agency. Chairman Essa Kazim told reporters on Wednesday that Borse Dubai Ltd. would consider an offer from the QIA in its stake for LSE.
2/19/2008
Dubai International Capital to invest US$ 5 Billion in China, India and Japan
Dubai international has reported that it plans to invest US$ 5 Billion in China, India and Japan over the next three years. The chief operating officer, Anand Krishnan reported that the fund may also raise its stake in existing holdings of Sony Corp and further stated an interest in potential investments of other Japanese shares.
2/12/2008
Dubai Ventures opens new office
Dubai Ventures, a subsidiary of Dubai Group, will open an office in Mumbai by the end of the first quarter.
2/8/2008
Metropole Hotel Sold to Fund Investors
International Hotel Investments PLC, an investment vehicle that is majority-owned by the Libyan Foreign Investment Company (LAFICO) and Istithmar Hotels, which is a controlled subsidy of the government of Dubai has bought the historic Metropole Hotel from the British Queen (The Crown Estate) for 130 million pounds (US$255 million; €175 million)
Location
Dubai
Website
Main Site - Investment Corporation of Dubai
Borse Dubai
Dubai Holding
Dubai World
Major Direct Foreign Investments (Public)
| Company |
Country |
Industry |
% Ownership |
Comments |
| Labroy Marine |
Singapore |
Industrials |
98.4% |
Dubai World (Subsidiary) |
| Och Ziff Capital Management Group LLC |
United States |
Financials |
51.4% |
Dubai Holding (Subsidiary) |
| Nasdaq OMX Group Inc |
United States |
Financials |
43.6% |
Borse Dubai (Subsidiary) |
| London Stock Exchange Group |
United Kingdom |
Financials |
20.6% |
Borse Dubai (Subsidiary) |
| China Enersave Ltd |
China |
|
10.89% |
Dubai Group --> Dubai Holding (Subsidiary) |
| Orient Express Hotels Ltd
|
United States |
Consumer Services |
9.2% |
Dubai Holding (Subsidiary) |
| Marfin Investment Group Holdings SA |
Greece |
Financials |
9.07% |
Dubai Group --> Dubai Holding (Subsidiary) |
| Hyflux Ltd |
Singapore |
Industrials |
8.8% |
Istithmar (Subsidiary) |
| MGM Mirage |
United States |
Consumer Services |
8.87%
|
Dubai World(Subsidiary) |
| EADS N.V. |
Netherlands |
Defense |
3.12% |
Dubai International Capital Investment(Subsidiary) |
| ICICI Bank Limited |
India |
Financials |
2.87% |
Dubai International Capital Investment(Subsidiary) |
| DaimlerChrysler AG |
Germany |
Auto |
~2% |
Dubai International Capital Investment(Subsidiary) |
|
Major Direct Foreign Investments (Private)
| Company |
Country |
Type |
% Ownership |
Comments |
| Travelodge UK |
United Kingdom |
Subsidiary |
100% |
Dubai International Capital (Subsidiary) |
| Mauser AG |
Germany |
Subsidiary |
100% |
Dubai International Capital (Subsidiary) |
| Barneys New York |
United States |
Subsidiary |
100% |
Istithmar (Subsidiary) |
| Loehmann's Holding Inc |
United States |
Subsidiary |
100% |
Istithmar (Subsidiary) |
| Inchcape Shipping Services |
United Kingdom |
Subsidiary |
100% |
Istithmar (Subsidiary) |
| Beng Kuang Marine Ltd |
China |
Investment |
37.88% |
Dubai World |
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1. All figures quoted are from official sources, or, where the institutions concerned do not issue statistics of their holdings, from other publicly available sources.
Last updated May 15 2008
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