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The Investment Corporation of Dubai (ICD), the government's main investment arm, has transferred 937.5 million ordinary shares in local lender Emirates NBD to a wholly owned subsidiary of Dubai Holding, the investment vehicle of Dubai's ruler Sheikh Mohammed bin Rashid Al Maktoum.
In a regulatory filing on the Dubai Financial Market on Friday, Emirates NBD said following the transfer, DH 7 LLC owns 14.84% of the bank's issued share capital.
ICD will continue to own 40.91% of the issued share capital of Emirates NBD, it added.
ICD, whose portfolio includes various free zones, Emaar, Emirates airline, and other aviation brands, on Thursday reported first half 2023 net profit of $7.7 billion, up manifold as its key business segments benefited from the expansion in travel and tourism.
(Writing by Brinda Darasha; editing by Seban Scaria)
