Investment Corporation of Dubai — full event log
Every event we have on file across every reporting year. The Data-by-year tab summarises the top 10 per year; this page shows them all.
← back to Data by year2024· 14 events
ICD sold a 49% minority interest in ICD Brookfield Place, described as one of the largest commercial real estate transactions globally since 2020. ICD retains a 50% stake.
sustainability_report p.14
Emirates fully acquired Emirates Bustanica, described as the world's largest indoor vertical farm.
sustainability_report p.14
EGA broadened its global presence with acquisitions of Leichtmetall in Europe (specialty foundry) and Spectro Alloys in the United States (secondary foundry alloy producer), expanding its recycling and low-carbon aluminium business.
sustainability_report p.60
Emirates integrated Sustainable Aviation Fuel (SAF) at Amsterdam Schiphol, London Heathrow, Singapore Changi, and Dubai Airport. SAF achieves up to 80% reduction in lifecycle carbon emissions. Emirates also launched a solar energy project providing 37% of its Engineering Centre's annual energy, reducing CO2 by 13,000 tonnes annually.
sustainability_report p.75
dnata earned IATA's environmental management certification (IEnvA), the first ground handler in Europe to do so. Also introduced 14 electric Ground Power Units replacing diesel, saving 550,000 litres of fuel annually.
sustainability_report p.75
ICD voluntarily offset its 2023 operational emissions through purchase of carbon credits verified and issued by the Climate Action Reserve, and obtained limited third-party assurance on its carbon emissions.
sustainability_report p.74
DH along with consortium partners completed the world's largest waste-to-energy facility at Warsan, Dubai, with 5,555 tonnes/day municipal solid waste throughput generating ~200MW of power.
sustainability_report p.61
Ducab Group announced development of a comprehensive ESG and Climate Strategy aimed at achieving significant carbon emissions reductions across Scopes 1, 2, and 3, aligned with the Science Based Targets initiative (SBTi).
sustainability_report p.76
ICD measures carbon emissions from its own operational activities and obtains independent third-party limited assurance on these emissions. In 2024, ICD voluntarily offset its 2023 operational emissions through the purchase of carbon credits verified and issued by the Climate Action Reserve. ICD relocated to a LEED Gold-rated headquarters at One Za'abeel to reduce its environmental footprint.
sustainability_report p.74
Emirates launched a solar energy project to provide 37% of its Engineering Centre's annual energy consumption, reducing CO2 emissions by 13,000 tonnes annually. Simultaneously, Emirates integrated Sustainable Aviation Fuel (SAF) at Amsterdam Schiphol, London Heathrow, Singapore Changi, and Dubai Airport, with SAF delivering up to 80% reduction in lifecycle carbon emissions versus conventional jet fuel. EGA is the first company in the world to produce aluminium commercially using solar power under the CelestiAL brand, with customers including BMW Group and suppliers of Mercedes-Benz and Nissan.
sustainability_report p.75
flydubai relies on its young fleet of Boeing 737 MAX 8 aircraft, which are 14% more fuel efficient than predecessors, and is committed to supporting UAE Net Zero by 2050. dnata introduced 14 electric Ground Power Units to its Dubai fleet replacing diesel-powered units, saving 550,000 litres of fuel annually, and became the first ground handler in Europe to earn IATA's IEnvA environmental certification. DAE progressively adds next-generation technology assets; 53% of its portfolio is classified as fuel-efficient next-generation technology assets.
sustainability_report p.75
EGA made significant progress developing a global aluminium recycling business; recycling requires 95% less energy than primary production. EGA acquired recycling operations in Germany and the US and is constructing the UAE's largest aluminium recycling facility in Al Taweelah (170,000 tonnes/year capacity). EGA also began construction of 10 pilot reduction cells for EX, its next-generation smelting technology designed for lower energy and GHG emissions. EGA published a Green Finance Framework to support decarbonisation projects.
sustainability_report p.76
ENOC unveiled the world's first solar-powered biodiesel truck under its ENOC Link platform and began supplying biodiesel blends to power dnata's entire non-electric fleet at Dubai's largest airport hub. ENOC received sustainability awards at Connecting Green Hydrogen MENA 2024, and its strategy supports the Dubai Clean Energy Strategy 2050. ENOC distributes alternative fuels including compressed natural gas across its network of over 300 airports in 25 countries.
sustainability_report p.76
Emirates NBD became Co-Chair of the Partnership for Carbon Accounting Financials (PCAF) MENA Chapter, facilitating collaboration on financed emissions measurement. The bank became an official signatory of the UN Principles for Responsible Banking, aligning strategy with the Paris Climate Agreement, and achieved 35 LEED Platinum and Gold certifications across its branch network. The bank released its inaugural ISSB sustainability report for 2024.
sustainability_report p.75
2023· 24 events
Emirates NBD launched its Sustainable Finance Framework in 2023 allowing issuance of green and sustainable debt instruments to finance low-carbon transition projects. ENBD took the lead in the region in offering carbon futures contract trading to help corporations manage carbon emissions offsetting aligned with the UAE's Net Zero action plan. ENBD also joined COP28 as Principal Banking Partner.
sustainability_report p.71
dnata acquired an additional 29% stake in Imagine Cruising, bringing its shareholding in the UK's leading cruise and stay holiday distributors to 81.4%.
sustainability_report p.13
ICD became a member of the IFSWF in 2023, demonstrating commitment to uphold leading governance standards.
sustainability_report p.19
Emirates committed USD 200 million over three years to R&D to reduce fossil fuel use in commercial aviation, conducted 100% SAF demonstration flights on Boeing 777-300ER and Airbus A380, and joined the air-CRAFT initiative to develop and scale SAF technologies. flydubai's Boeing 737 MAX fleet of 56 aircraft is 14% more fuel-efficient than predecessors, with initiatives including single engine taxiing and continuous descent reducing over 7,600 tonnes of CO2 in 2023.
sustainability_report p.71
EGA is the first company in the world to commercially produce aluminium using solar power, branded CelestiAL, with customers including BMW Group and suppliers of Mercedes-Benz and Nissan. In 2023, EGA produced 66,000 tonnes of CelestiAL. EGA also commenced construction of the UAE's largest aluminium recycling plant (170,000 tonnes/year) in Abu Dhabi to produce low-carbon premium aluminium billets from scrap.
sustainability_report p.71
ICD divested aswaaq and its interest in Mandarin Oriental New York Hotel in 2023.
sustainability_report p.13
One Za'abeel achieved LEED Gold Certification from the US Green Building Council in December 2023, affirming sustainability standards implemented from design through construction.
sustainability_report p.44
ICD established its Carbon Footprint Framework in 2023 to measure emissions from its own operational activities. An independent third-party review confirmed alignment with the GHG Protocol Corporate Accounting and Reporting Standard. ICD obtained limited assurance on reported carbon emissions and voluntarily offset its 2022 operational emissions through Climate Action Reserve-verified carbon credits.
sustainability_report p.70
ENOC Group received IWA 42:2022 Statement of Verification and Assurance Certificate for its efforts towards net zero GHG emissions. During COP28, ENOC inaugurated the Group's first green hydrogen station at Expo City Dubai in a joint venture with DEWA, contributing to the Dubai Green Mobility Initiative 2030. ENOC also fuelled the Emirates' first flight powered by Sustainable Aviation Fuel.
sustainability_report p.71
Borse Dubai and ALEC Engineering & Contracting became wholly owned subsidiaries of ICD in 2023.
sustainability_report p.13
ICD established its Carbon Footprint Framework to measure emissions from operational activities, arranged independent third-party review for GHG Protocol alignment, and obtained limited assurance on carbon emissions. ICD also voluntarily offset 2022 emissions via Climate Action Reserve credits.
sustainability_report p.70
ICD created a Group ESG Network forum for ICD and portfolio companies, and a dedicated ESG Network portal to share common ESG knowledge and resources across the Group.
sustainability_report p.70
dnata pledged USD 100 million to enhance eco-efficiency across its global business, targeting a 50% reduction in its carbon footprint by 2030. dnata continued to induct hybrid and electric ground support equipment and utilise biofuel in its operations.
sustainability_report p.71
In 2023, EGA commenced construction of the UAE's largest aluminium recycling plant in Abu Dhabi. The 170 thousand tonnes-per-year facility will process aluminium scrap into low-carbon, high quality premium aluminium billets.
sustainability_report p.16
EGA, ICD's largest industrial holding, is the first company in the world to produce aluminium commercially using solar power, marketed as CelestiAL. In 2023, EGA produced 66,000 tonnes of CelestiAL for customers including BMW Group and suppliers of Mercedes-Benz and Nissan. This lever directly decarbonises smelter electricity — the dominant emissions source for primary aluminium.
sustainability_report p.16
ICD pursues high-tier green-building certification across flagship real estate. ICD Brookfield Place is the tallest/largest LEED Platinum building in EMEA, first MENA office building with WELL Health & Safety, WiredScore and SmartScore Platinum. One Za'abeel achieved LEED Gold in December 2023. The Offices at One Za'abeel are targeting WiredScore and SmartScore certifications in 2024.
sustainability_report p.8
In December 2023, One Za'abeel achieved LEED Gold Certification, affirming sustainability values and green building standards from design to construction.
sustainability_report p.4
Construction of the world's largest waste-to-energy facility in Warsan, Dubai, achieved 'First Fire' (electricity production from MSW) and reached design capacity of 5,555 tonnes MSW/day. Full completion expected 2024.
sustainability_report p.17
In 2023, EGA commenced construction of the UAE's largest aluminium recycling plant in Abu Dhabi — a 170,000 tonnes-per-year facility processing scrap into low-carbon premium billets. Dubal Holding is also exploring a recycled aluminium / cast house facility to utilise scrap generation from group companies for low-carbon initiatives.
sustainability_report p.16
EGA is the first company in the world to produce aluminium commercially using solar power under the name CelestiAL. In 2023, EGA produced 66,000 tonnes of CelestiAL, with customers including BMW Group and suppliers of Mercedes-Benz and Nissan.
sustainability_report p.16
ICD Brookfield Place is the tallest and largest LEED Platinum building in EMEA, and the first office building in MENA to achieve WELL Health and Safety Rating, WiredScore and SmartScore Platinum certifications.
sustainability_report p.8
Dubal Holding is a consortium partner in the world's largest waste-to-energy facility in Warsan, Dubai. Key 2023 milestones: 'First Fire' electricity generation from municipal solid waste, and reaching design capacity of 5,555 tonnes MSW/day. Project full completion expected 2024.
sustainability_report p.17
Imdaad manages 572K+ tonnes of waste annually across its operations and recycled 126K tonnes through its segregation programme in 2023 via its FARZ automated materials recovery facility. Imdaad explicitly champions sustainability while delivering hard FM and environmental services across 660Mn+ sqft of managed area.
sustainability_report p.22
ICD rolls out a refreshed visual identity and will be known by its acronym 'ICD' going forward. The rebranding coincided with relocation to new headquarters at One Za'abeel.
sustainability_report p.5
2022· 7 events
One of the Group's aircraft leasing subsidiaries wrote off AED 2,118,704 thousand representing net exposure on 19 aircraft in Russia previously leased to Russian airlines. Subsidiary has no control and is unable to determine if aircraft will be returned. Insurance claims filed.
sustainability_report p.17
Pursuant to Dubai Law No. 16 of 2021, DIEZ was established merging operations of Dubai Silicon Oasis Authority and Dubai Airport Free Zone Authority, both wholly owned ICD subsidiaries. Effective 1 January 2022, all assets and liabilities transferred. Treated as common control transaction.
sustainability_report p.30
Subsequent to period-end, aircraft leasing subsidiary signed definitive agreement to acquire 100% of Sky Fund I Irish, Ltd. which owns/committed to own 36 aircraft. Subject to regulatory approvals.
sustainability_report p.33
ICD entered into agreement to sell its entire shareholding in Aswaaq LLC, which operates supermarket chain in UAE.
sustainability_report p.33
ICD entered into agreement to sell controlling interest in Ssangyong Engineering & Construction Co. Ltd, an engineering and construction contracting business.
sustainability_report p.33
Production Sharing Agreement for oil and gas assets in Turkmenistan previously expiring in 2025 has been signed on 5 July 2022 to extend term to April 2035.
sustainability_report p.17
Turkey determined to be a hyperinflationary economy under IAS 29 with three-year cumulative inflation of 133%. DenizBank (Turkish banking subsidiary of Emirates NBD) non-monetary assets and liabilities restated. A loss of AED 1.9 billion recognised in income statement as hyperinflation adjustment.
sustainability_report p.14
2019· 5 events
Emirates NBD partially divested its interest in Network International Holdings Plc generating an AED 4.4 Billion gain recognised in Banking and Financial Services results, contributing to record profits.
sustainability_report p.14
Dubai Aerospace Enterprise (DAE) became a wholly owned subsidiary of ICD in 2019, consolidating its aircraft leasing and MRO operations fully into the ICD group.
sustainability_report p.14
ICD adopted IFRS 16 in 2019, recognising AED 62 billion of right-of-use assets. This resulted in a one-time AED 9.7 billion adjustment to equity and was cited as a key driver of balance sheet growth alongside the DenizBank acquisition.
sustainability_report p.56
ICD established its internal audit function in 2019, providing an additional layer of oversight of ICD's internal control framework through internal audits of operating activities.
sustainability_report p.35
Emirates NBD completed acquisition of DenizBank A.Ş., the fifth largest private bank in Turkey with 751 branches. This was cited as the primary driver of ICD's balance sheet increasing 27.5% to AED 1.121 trillion in 2019.
sustainability_report p.14