Dubai wealth fund unveils new logo in rebranding push

The Investment Corporation of Dubai (ICD), the emirate’s sovereign wealth fund, has unveiled a rebranding of its visual identity incorporating a new logo, as part of the fund’s broader strategy to adapt to the evolving global investment landscape.

Going forward, Dubai’s sovereign fund will be known by its acronym ‘ICD’, with its visual identity reflecting its dynamism and evergreen commitment to the pursuit of growth and development.

“As we continue to evolve and grow, our new identity will reflect the spirit and mindset with which we exist in the world today. We lean on our past, as we embrace the future,” said Mohammed Ibrahim Al Shaibani, the managing director of ICD.

“ICD will continue to build on its successes, embracing a forward and future-focused outlook as it strives to maximise value for the long-term benefit of the Emirate of Dubai.”

Dubai’s sovereign wealth fund is chaired by Sheikh Hamdan bin Mohammed Al Maktoum, Crown Prince and Chairman of The Executive Council of Dubai.

The state investor reported a more than 91 per cent surge in half-year profit, driven by growth across all business segments amid strong economic momentum.

ICD said its banking and transportation divisions’ respective respective contributions to the wealth fund’s profit soared by Dhs8.2bn and Dhs7.7bn.

Net profit attributable to the equity holder, the Government of Dubai, was Dhs22.6bn.

The fund’s revenues reached a record Dhs145.1bn, up 20 per cent with an increase of Dhs24bn compared to the prior year period. Its assets soared by 6.5 per cent to reach a record Dhs1.3tn, primarily driven by the growth of banking assets.

Founded in 2006, ICD is the principal investment arm of the government of Dubai and has holdings in Emirates Group and Emirates NBD, Emaar Properties and Emirates National Oil Company (ENOC).

Dubai sets up a new fund

Meanwhile, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai issued a law to establish the Dubai Investment Fund in December.

The newly established fund holds stakes in entities including utility giant DEWA, toll operator Salik and Dubai Taxi Company – which were privatised over the past years.

Dubai World, whose holdings include DP World, is also affiliated with the new fund but it will preserve its “legal identity.”

The sovereign fund invests government funds, surpluses and the general reserve locally and internationally. It also has the power to establish companies and investment funds, as well as buy or merge firms.

The fund is tasked with bolstering the financial stability of the emirate by financing the government’s deficit and establishing strong financial reserves to promote the emirates’ long-term financial sustainability.

It is chaired by Sheikh Maktoum bin Mohammed bin Rashid al-Maktoum, Deputy Ruler of Dubai and the UAE’s finance minister.

Read: Dubai wealth fund ICD posts Dhs28.3bn in half-year profit