Dubai state investment firm to coordinate policy

DUBAI - Investment Corporation of Dubai, the state-run agency which owns some of the emirate’s biggest businesses, said it will play a more active role in coordinating domestic economic policy and foreign investments.

By (Reuters)

Published: Tue 20 Nov 2007, 6:53 PM

Last updated: Sat 4 Apr 2015, 11:20 PM

“We will be looking at the overall strategy and privatisation plan for Dubai,” said Saad Abdul Razak, managing director of Investment Corporation of Dubai, which owns companies such as Emirates airline and Borse Dubai.

Abdul Razak, who stepped down last month as chief executive officer of Dubai Islamic Bank, likened Investment Corporation of Dubai to Singapore’s state-run Temasek Holdings and the $650 billion Abu Dhabi Investment Authority, the world’s largest sovereign wealth fund.

“You need to have one consolidated investment arm,” Abdul Razak told Reuters on the sidelines of a bankers’ meeting in the Gulf Arab emirate. “We are open to all markets, and we will invest in the U.S., Europe and Asia,” he said, declining to be more specific.

More news from Business