Dubai's ICD transfers shares in Emirates NBD to Dubai Holding-statement

Credit: REUTERS/Jumana El-Heloueh

DUBAI, Nov 24 (Reuters) - Emirates NBD ENBD.DU, Dubai's biggest bank by assets, said on Friday that its largest shareholder, the Investment Corporation of Dubai, has transferred 937.5 million of its shares to Dubai Holding.

ICD, the city-state's sovereign wealth fund, will now own 40.9% of Emirates NBD's issued share capital, according to a bourse statement. ICD previously owned 55.8% of Emirates NBD, according to the bank's website, as at September 30.

Shares have been transferred to DH 7 LLC, which now holds 14.8% of Emirates NBD. It is a wholly-owned subsidiary of Dubai Holding, an investment company with assets across the real estate, hospitality and entertainment sectors to support Dubai's economic growth.

The Gulf trade and tourism hub has enjoyed a strong economic rebound after the COVID-19 pandemic, boosted by a relatively swift recovery in its travel and hospitality sector and a demand-led real estate boom which has sent prices soaring.

Its economy expanded 4.4% in 2022 which has helped bolster balance sheets of top Dubai companies, including government-related entities such as Emirates airline, and majority government-owned but listed Emirates NBDENBD.DU and Emaar Properties EMAAR.DU.

Sheikh Ahmed bin Saeed Al Maktoum, a prominent royal family member and influential business leader in Dubai, chairs both Emirates NBD and Dubai Holding.

(Reporting by Rachna Uppal, Editing by Louise Heavens)

((rachna.uppal@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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