The government of Dubai has transferred the ownership of Emirates Airline and the travel agent and cargo handler Dnata to Investment Corporation of Dubai (ICD), the Dubai-owned sovereign fund.
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 from 29 December.
ICD also has stakes in Emirates NBD, Dubai Islamic Bank, Emaar, and Dubai Aluminium Company (Dubal).
ICD recently completed a $6bn syndicated loan with a group of international and Dubai-based banks (MEED 14:11:08). The new companies under its ownership could be used as collateral to arrange further loans.
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