Dubai Holding now holds a 14.84% minority stake in Emirates NBD, after Investment Corporation of Dubai (ICD), Dubai government’s main investment fund, transferred 937.5 mn of its shares in the bank to a subsidiary owned by Dubai Holding, the bank said in a disclosure to the DFM. The 14.84% stake in Emirates NBD is now owned by DH 7 LLC, a wholly owned subsidiary of Dubai Holding, Reuters reports. No details were provided on the value of the transaction.

ICD’s current stake: Following the shares transfer, the ICD retains a 40.91% stake in the bank. ICD previously held 55.8% of Emirates NBD.

About ICD: The Investment Corporation of Dubai (ICD) is the main sovereign investment fund of the government of Dubai.

About Dubai Holding: Dubai Holding is the investment vehicle owned by Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum. The conglomerate’s portfolio includes real estate developers Dubai Properties and Meraas, the Tecom Group, and Jumeirah Hotels and Resorts. Sheikh Ahmed bin Saeed Al Maktoum chairs both Emirates NBD and Dubai Holding.

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