ICD Galadari stakes transferred to ICD

Dubai government stakes in Galadari Group have been transferred to the Investments Corporation of Dubai (ICD) as stated in decree No 18 of 2009, issued by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

The ICD is the investment arm of Dubai government and has a portfolio ranging across all spheres of the economy, including finance, transportation, utilities and energy, industrial, real estate and leisure.

Under the decree, all stakes were transferred to the ICD which replaces Dubai government in all rights and liabilities.