Dubai's sovereign wealth fund, Investment Corporation of Dubai (ICD) acquired a remaining 50 per cent stake in National Bonds Corp, giving it full ownership of the sharia-compliant savings scheme.
The investment arm of the Gulf Arab emirate also replaced the state-owned firm's board of directors with five new members, the company said in a statement late Wednesday.
ICD bought the 50 per cent stake from its previous local shareholders, the statement said. National Bonds' shareholders included property developer Emaar Properties, Dubai Holding and Dubai Bank, according to its website.
ICD did not disclose a value for the acquisition.
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