The Dubai government has announced plans to launch an investment fund with a mandate to invest government assets overseas.
This will result in Dubai having two sovereign wealth funds, as the newly announced Dubai Investment Fund is set to operate alongside the Investment Corporation of Dubai.
According to a statement, the fund will hold shares in several state-owned businesses, including the Dubai Electricity and Water Authority, toll-road operator Salik and Dubai Taxi. The fund will also have access to government surpluses and general reserves and will invest in stocks and bonds at home and abroad.
The fund has also been established as an “independent public entity operating on a commercial basis” and will be overseen by Abdulaziz Mohammed Al Mulla, managing director and CEO of the fund.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, will chair the fund’s board of directors.
A government statement described the fund’s objective as to support Dubai’s “strategic priorities and endorsed public policies”. Details regarding the fund’s financial size were not disclosed.
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