A newly-established investment fund in Dubai will house USD bns in assets to help generate returns and “bolster financial stability” in the emirate, according to Wam. The Dubai Investment Fund “will be responsible for investing Dubai Government funds, surpluses and the general reserve locally and internationally” to generate sustainable returns.

Gov’t-held assets are getting transferred: The fund — which Dubai Ruler and UAE Vice President and Prime Minister Mohammed bin Rashed Al Maktoum announced last night — will take over the government’s shares in the Dubai Electricity and Water Authority (DEWA), toll operator Salik, and Dubai Taxi Company, among others. Other government-owned companies “identified by Dubai’s Supreme Fiscal Committee” could be added to that list, according to the statement.

REMEMBER- The Dubai government has been working through an ambitious privatization plan to offer sales in 10 state-owned companies as it looks to expand its economy. The government raised USD 8.5 bn from five IPOs in 2022, including USD 6.1 bn from DEWA alone, Reuters notes.

Tags: