Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai has issued a new decree to form the board for the Investment Corporation of Dubai (ICD).

According to the decree the board will be chaired by Sheikh Hamdan bin Mohammed Al Maktoum, Crown Prince of Dubai, and Chairman of The Executive Council of the emirate, the Dubai Media Office tweeted.

ICD is the principal investment arm of the government of Dubai and has holding in Emirates NBD, Commercial Bank of Dubai as well as Emirates and dnata, among others.

The decree which will also see Sheikh Maktoum bin Mohammed, the First Deputy Ruler of the emirate, serve as the Vice Chairman of the board.

Other members of the ICD board include Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Civil Aviation Authority and Chairman and Chief Executive of Emirates Airline and Group, along with Mohamed Hadi Al Hussaini, Reem bint Ebrahim Al Hashimy, Sultan bin Saeed Al Mansouri, Mohammed Ibrahim Al Shaibani, Abdulrahman Saleh Al Saleh and Helal Saeed Al Marri.

Mohammed Ibrahim Al Shaibani will serve as the Managing Director of ICD.

(Writing by Bindu Rai, editing by Seban Scaria)