DP World owner denies ICD link
Dubai World has denied media speculation that it was on the point of transferring its assets to the Investment Corporation of Dubai (ICD). ICD is Dubai's largest sovereign wealth investment fund and includes within its portfolio a number of giants, including Emirates Group, DNATA, ENOC and Emaar.
Dubai World is the holding congolomerate that owns ports giant DP World, Dubai Maritime City, Drydocks World and Economic Zones World - which in turn is the holding company for Jafza.
"Dubai World is one of the foremost companies in Dubai, with going concerns in infrastructure, real estate, tourism and logistics both within the UAE and internationally," said a company press statement, which was released this morning.
"We are an independent corporation with significant operations around the world, and there is no plan to move Dubai World under ICD. We will continue to work as a an independent organisation to realise the long term vision of Dubai and the UAE," the statement added.
The press release, which was joined shortly afterwards by a similar comment from ICD, is designed to dampen suggestions made by a report by the UK's Financial Times daily, which quoted the director general of the local department of finance as claiming that the emirate was looking to consolidate its largest government-affiliated corporations.