The chief financial officer of Investment Corporation of Dubai (ICD), the investment arm of the Gulf emirate, will step down after two years in the post, in the second high-level departure from the firm in recent weeks.

ICD said in a statement on Thursday that Nicholas Hegarty's  departure comes at the end of a two-year fixed term.

In April, the managing director of ICD, Abdulaziz al-Muhairi, left the post to take up a new role within the investment body.

ICD is one of the emirate's three conglomerates along with Dubai Holding and Dubai World, which said on Thursday that it has reached a deal to restructure $14.4 billion in debt with its core lenders.-Reuters