Dubai World has issued a statement confirming that it will remain an independent organisation, and that it is not under the ownership of the Investment Corporation of Dubai (ICD), a Dubai-owned sovereign fund.
“Dubai World is one of the foremost companies in Dubai, with going concerns in infrastructure, real estate, tourism and logistics both within the UAE and internationally,” the company said in a statement on 2 April. “We are an independent corporation with significant operations around the world, and there is no plan to move Dubai World under ICD. We will continue to work as an independent organisation to realise the long term vision of Dubai and the UAE.”
Dubai World companies include real estate developers Nakheel and Limitless, investment vehicle Istithmar, and port operator DP World.
In December last year the government of Dubai has transferred the ownership of Emirates Airline and the travel agent and cargo handler Dnata to ICD. No reason for the transfer of ownership has been given. Sheikh Mohamed bin Rashid al Maktoum, ruler of Dubai, issued a decree that transferred the ownership of the two companies to ICD (MEED 31:12:08).
ICD also has stakes in Emirates NBD, Dubai Islamic Bank, Emaar, and Dubai Aluminium Company (Dubal).
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