Investment Corporation of Dubai joins Long-Term Investors ClubJun 22, 2009 - 11:54 - WAM Dubai, 22nd June 2009 (WAM) -- His Excellency Mohammed Ibrahim Al Shaibani, Executive Director and Chief Executive Officer of the Investment Corporation of Dubai (ICD), the investment arm of the Government of Dubai, today signed a membership accession agreement on behalf of ICD with the Long-Term Investors Club.
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 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 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.
The signing ceremony was held on the sidelines of the Paris Conference for Long-Term Value '&' Economic Stability, which took place today in the French capital. The one-day event, which was attended by leading public and private-sector decision-makers from across Europe, Asia and the Middle East, was held in cooperation with the Organisation for Economic Co-operation and Development (OECD). The conference featured an introductory address by OECD Secretary-General Angel Gurria, as well as an evening dinner reception attended by 2007 Nobel Peace Prize winner Rajendra K. Pachauri, Chairman of the Intergovernmental Panel on Climate Change.
'On behalf of the Long-Term Investors Club, it is a great privilege to welcome the Investment Corporation of Dubai as one of the newest members of this increasingly diverse organisation dedicated to enhancing dialogue and sharing best practices. 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,' 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.
'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,' said De Romanet.
'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.' '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,' said Al Shaibani. '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, the Investment Corporation of Dubai has nurtured the growth and development of the emirate,' he 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.' WAM/TF