PHOTO
Investment Corporation of Dubai, the investment arm of the Government of Dubai, has become a full member of the International Forum of Sovereign Wealth Funds (IFSWF), a global network of sovereign wealth fund with members from 44 countries.
By joining the IFSWF, ICD voluntarily agrees to uphold the Santiago Principles, a set of principles and practices voluntarily endorsed by IFSWF members that promote transparency and prudent investment practices, the forum said in a statement on Thursday.
Mohammed Ibrahim Al Shaibani, Managing Director at the Dubai firm said the ICD was delighted to become a full member of IFSWF. "Our membership demonstrates ICD’s commitment to uphold leading standards for governance and is aligned with our core values of Excellence, Commitment, Sustainability, Integrity and Respect. We look forward to collaborating with IFSWF and its esteemed members.”
ICD owns Emirates airline and owns stakes in companies including Dubai lenders Emirates NBD, Dubai Islamic Bank, and property firms Emaar Properties and Emirates National Oil Company.
(Reporting by Brinda Darasha; editing by Seban Scaria)
