Investment Corporation of Dubai appoints Saad Abdul Razak to its Executive Management team

Under the directive of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, Ruler of Dubai and Chairman of Investment Corporation of Dubai (ICD), Mohammed Al Shaibani, Executive Director and CEO of ICD announced today the appointment of prominent banker Saad Abdul Razak to the Executive Management Team of ICD.

Saad Abdul Razak will be Managing Director responsible for strategy, privatization, diversification, and special projects for key companies that are part of the ICD portfolio.

Established in May 2006, ICD comprises all wholly or partly-owned government businesses in Dubai covering numerous sectors. ICD has been mandated to play a leading role in driving the future prosperity of Dubai's investment portfolio and generating a superior return on investment in a way that will benefit the entire UAE community.

H. E. Mohammed Al Shaibani said: "Saad Abdul Razak brings to the ICD a wealth of business turnaround and new business building experience, particularly in financial services industry, real estate sectors and others, and represents an elite group of UAE nationals who have made innovation and business excellence the hallmarks of their professional careers.

Saad's appointment also reflects ICD's commitment to giving exceptionally talented UAE nationals the opportunity to play a major role in driving the economic growth of Dubai. He will work closely with me to assist our portfolio companies with aggregate market value in excess of Dhs 300 bn, to generate greater tangible and intangible value for its shareholders."

Saad Abdul Razak was until recently the Group Chief Executive Officer of Dubai Islamic Bank. He is also a member of the board of Borse Dubai, Dubai World, Tamweel, Deeyar, Du and a number of other Dubai based institutions. He is widely credited with transforming Dubai Islamic Bank into a top institution in the world of Islamic finance in a short span of time.