Growth & Diversification
2006
ICD is established on 3rd May 2006 under Law No. 11 of 2006
2007
Government of Dubai transfers majority stake in Emirates Bank International (EBI), Emirates Airline, dnata, Dubai World Trade Centre, Emirates National Oil Company and Dubai Aluminium Company to ICD
Government of Dubai transfers minority stakes in EMAAR Properties, Dubai Islamic Bank, National Bank of Dubai (NBD), Commercial Bank of Dubai and Dubai Ice Plant & Cold Stores to ICD
EBI and NBD Merger – Emirates NBD (ENBD) formed as the largest bank by assets in the UAE
ICD acquires Borse Dubai, and Borse Dubai acquires interest in London Stock Exchange and Nasdaq OMX
Government of Dubai transfers Dubai Financial Market (DFM) and Dubai International Financial Exchange to Borse Dubai
2008
Celebration of ICD’s first year in the presence of H.H. Sheikh Mohammed bin Rashid Al Maktoum and H.E. the Minister Mentor of Singapore
Inaugural set of consolidated financial statements from the establishment date
2009
Government of Dubai transfers Dubai Duty Free, Dubai Silicon Oasis Authority (DSOA), Dubai Airport Free Zone Authority (DAFZA) and Emaratech to ICD
Government of Dubai transfers aswaaq to ICD
2010
National Bonds Corporation becomes a subsidiary of ICD
dnata acquires Alpha Flight Catering Group (an in-flight caterer in UK)
2011
Repayment of USD 4 Billion loan obtained in 2008
dnata acquires Travel Republic Group (an online travel agent in UK)
2012
ICD acquires a controlling stake in Dubai Aerospace Enterprise (DAE)
ICD acquires Smartstream Technologies Group Ltd. (a global software and managed services provider based in the UK)
2013
ENBD acquires the Egyptian business of BNP Paribas
dnata acquires a controlling stake in Servair Airchef (a leading in-flight caterer based in Italy)
2014
ICD divests its interest in Dubai Aluminium Company to EGA (a 50% JV with Mubadala)
ICD issues a USD 700 Million sukuk and a USD 300 Million conventional bond in its first capital market transaction
ICD acquires Atlantis The Palm
EMAAR Malls shares are listed on DFM
2015
ICD takes control of Kerzner International Holdings
Ithra Dubai is established to develop and manage strategic real estate assets
Government of Dubai transfers flydubai to ICD
ENOC acquires full ownership of Dragon Oil (engaged in Exploration and Production activities)
ICD acquires Ssangyong Engineering and Construction (based in South Korea)
ICD acquires Mandarin Oriental New York and W Washington D.C. Hotel
DAE divests its interest in Standard Aero
Borse Dubai completes its divestment of its interest in the London Stock Exchange
2016
ICD acquires Porto Montenegro (located in the UNESCO protected Bay of Kotor)
dnata acquires Ground Services International (a leading airport handling provider based in the United States)
2017
ICD acquires ALEC Engineering and Contracting (ALEC)
DAE acquires Dublin-based aircraft lessor AWAS
EMAAR Development shares are listed on DFM
New Waterfront Market is opened in Deira
2018
dnata acquires the catering business of Qantas Airways
ICD acquires ISS Global Forwarding, a supply chain logistics company
2019
ENBD acquires the full ownership of DenizBank A.S.
ENBD partially divests its interest in Network International Holdings Plc
DAE becomes a wholly owned subsidiary of ICD
2020
Government of Dubai transfers Dubai Multi Commodities Centre Authority (DMCCA) to ICD
Emirates Airline acquires majority stake in Air Ventures (retail sales of F&B in the United States)
2021
ICD disposes of W Washington D.C. Hotel
Significant progress made on Deira Enrichment Project, especially on Dubai Gold Souk Extension (a modern mixed-use community)
EMAAR Properties completes its merger with retail arm, EMAAR Malls
ICD inaugurates its pavilion at Expo 2020 Dubai
2022
DSOA and DAFZA merge into the newly established Dubai Integrated Economic Zones Authority (DIEZA)
ICD disposes its controlling stake in Ssangyong Engineering & Construction
DAE acquires Sky Fund I Irish Ltd (manages 36 aircraft on lease)
ALEC acquires TARGET Engineering Construction Company (specialised in Oil & Gas, Energy EPC contracting services)
EMAAR Properties acquires the remaining stake in Dubai Creek Harbour LLC (a project located along the Dubai Creek’s waterfront)