ICD, Investors Club ink accession agreement
Dubai, June 22, 2009
The Investment Corporation of Dubai (ICD), the investment arm of the government of Dubai, has signed a membership accession with the Long-Term Investors Club.
The signing ceremony was held on the sidelines of the Paris Conference for Long-Term Value & Economic Stability, which took place today (June 22) in the French capital.
With this, ICD joins a group of European sovereign funds such as CDC of France, KFW of Germany, European Investment Bank and Cassa Depositi e Prestiti from Italy, which formed the Long-Term Investors Club (the Club) in 2008, against the backdrop of the global financial crisis. The Club was formally launched in April 2009.
The Club now includes members from across Europe, Asia, North America and the Middle East. Collectively, the Long-Term Investors Club controls in excess of €3 trillion ($4.15 trillion) of assets.
The Club, which is dedicated to encouraging and promoting long-term investment, organises a range of activities such as sharing best practices among members, promoting academic research, assisting in communications with political stakeholders and facilitating joint initiatives.
“On behalf of the Long-Term Investors Club, it is a great privilege to welcome ICD as one of the newest members of this increasingly diverse organisation dedicated to enhancing dialogue and sharing best practices,” said Augustin de Romanet, chairman of the Long-Term Investors Club, and chairman and chief executive officer of Caisse des Depots, a preeminent public-sector financial institution that performs public interest missions on behalf of France under the supervision of the French Parliament.
“This is the first time since launch that we have opened the Club to new members, and ICD is among the first of several prestigious institutions to join from across the global spectrum encompassing the Middle East, North Africa, Russia, China and the Americas,” he added.
“Under the leadership of His Excellency Mohammed Ibrahim Al Shaibani, ICD continues to demonstrate its commitment to stable and sustainable long-term investment and value creation,” de Romanet continued.
“We are convinced that ICD will make a vital contribution to the Club and will also benefit from its membership through extending its own network to reach prestigious and well-established institutions.”
Mohammed Ibrahim Al Shaibani, CEO of ICD, said: “The Long-Term Investors Club was founded upon the central tenet that long-term investors make a positive contribution to the global economy by supporting sustainable economic growth.
“At the Investment Corporation of Dubai, we share that belief and demonstrate our commitment to it through the investments we make in the economy of Dubai.
“By joining the Long-Term Investors Club, ICD also affirms its commitment to the principles of good governance outlined in the Club Charter.”
"Since our founding in 2006, ICD has nurtured the growth and development of the emirate,” Al Shaibani added.
“We have achieved this through strategic, long-term investments in companies that have attained the status of global excellence and that define the industrial, retail and financial landscape of Dubai. Our membership in the Long-Term Investors Club will allow us to further contribute to the sustainable development of Dubai, and to the global dialogue on the importance of long-term investment.” – TradeArabia News Service