Annual Report 3 Annual Report 2020 Site H.H. Sheikh H.H. Sheikh Khalifa Mohammed bin Zayed bin Rashid Al Nahyan Al Maktoum

President of the United Arab Ruler of Emir of Abu Dhabi, the Supreme Vice President and Prime Minister Commander of the Defence Force of the Annual Report 2020 Annual Report 2020 Annual 4 5 ICD at a Investment Glance 8 Corporation About1 2Our of Dubai (ICD) Us Framework Global 18 Chairman’s Message 30 Managing Director’s Message is the principal Footprint 20 Board of Directors 32 Governance 22 Our Vision, Mission 36 Operating Model & Values 38 Investment Strategy 24 A Story of Growth investment 14 & Diversification arm of the . 3Our Group4 5Economic Portfolio Performance Environment

44 A Diversified Portfolio

46 Transportation Segment 110 Financial Highlights & Analysis 118 52 Banking & Financial Services Segment ICD’s mandate is to consolidate and Established in 2006, 62 Oil & Gas Segment manage the Government’s portfolio Other Segment ICD manages a broad of commercial companies and 66 portfolio of assets, investments. both locally and ICD also provides strategic oversight internationally, across by developing and implementing an a wide spectrum of investment strategy and corporate governance policies that maximise sectors that support value for the long-term benefit of the Dubai’s dynamic Emirate of Dubai. 6Covid-19 7Environment, 8Corporate economy. Response Social and Social Statement Governance Responsibility Framework Annual Report 2020 Annual Report 2020 Annual

6 126 130 134 7 ICD at a Glance 174 190 198 1121 770 1111 193 879 205 844

Assets (in Billion AED) Equity Attributable 1,111 193to the Equity Holder (in Billion AED)

2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 177 232 228 136 25 27 33 35 35 35 37 41 51 57 62 65 65 66 201

136Revenue (in Billion AED) 66Investee Companies*

2016 2017 2018 2019 2020 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Annual Report 2020 Annual *This does not include certain investments in private equity and venture Report 2020 Annual

8 capital including fund investments, that are part of our diversification strategy. 9 Diversified Portfolio Average Contribution for the last 3 years

21% Transportation Segment

• dnata • Dubai Aerospace Enterprise • Emirates 48% • flydubai 63% Banking & Financial Services Segment

• Borse Dubai • Commercial Bank of Dubai • Dubai Islamic Bank • Emirates NBD • National Bonds Corporation • Noor Investment Group

Oil & Gas Segment

15% • ENOC

Other Segment

26% • ALEC Contracting • Aswaaq 4% • DAFZA • Dubai Cable Company 12% • Dubai Duty Free • Dubai Global Connect • Dubal Holding • Dubai Multi Commodities Centre • DSO 11% • Dubai World Trade Centre • EMAAR Properties • Emaratech • IMDAAD • ISS Global • Ithra Dubai • Kerzner • Porto Montenegro • Ssangyong Engineering & Construction by Segment Assets by by Segment by Revenue Annual Report 2020 Annual Report 2020 Annual 10 11 Individual Segment Contribution to the Group Average Contribution for the last 3 years Assets Revenue

Transportation Oil & Gas % 4 21 % 48 % 26 %

Banking & Financial Other 12 % 11 % Services 63 % 15 % Annual Report 2020 Annual Report 2020 Annual 12 13 Global Footprint

27 Europe 6 North America 26 Asia

20 Africa 6Continents 5 South America Australia 85Countries 1

Investee Annual Report 2020 Annual Report 2020 Annual

14 66 15 Companies 1

18 Chairman’s Message

About 20 Board of Directors

22 Our Vision, Mission Us & Values 24 A Story of Growth & Diversification Annual Report 2020 Annual Report 2020 Annual 16 17 The initiatives taken by the Investment Corporation of Dubai and its Group, its Chairman's leadership and employees to protect its portfolio have been a crucial factor of stability. As a result, the Group is today well Message positioned to seize opportunities as they arise in the post-pandemic world.

The proactive vision that once led the growth of Dubai over the last five decades and propelled it forward, has also softened the impact of the warping events of 2020. As we stand on the verge of a new world governed “The initiatives taken by new realities, that same vision will draw by the Investment the roadmap for a sustainable, connected, health-centric and innovative future. Corporation of The year 2021 will see our priorities Dubai and its Group, redefined, as agility, adaptability and its leadership and collaboration take centre stage. ICD will reaffirm its position of leadership as it draws employees to protect its on its resilience and track-record of foresight and preparedness. We will continue to look portfolio have been a ahead and diversify our investments for the crucial factor of stability. benefit of future generations. As a result, the Group is Building on 50 years of achievements, the wealth of our nation has expanded beyond today well positioned to assets into talent, knowledge and innovations. seize opportunities as ICD will press on to secure Dubai’s wealth through strategic and sustainable investments they arise in the post- in physical and human assets, watching over pandemic world” our next 50 years of success.

H.H. Sheikh Hamdan bin Mohammed As the pandemic raged on in 2020, bin Rashid Al Maktoum disrupting and testing economies and communities, governments stepped Crown Prince of Dubai and Chairman in to assist individuals and organisations in of Dubai Executive Council their recovery.

The global economy is now reopening Us About with a renewed mindset and increased resilience. Governments are taking inventive steps through dedicated budgets to re- establish investor confidence and reclaim competitiveness. Dubai has taken a leading role in handling challenges provoked by the

Annual Report 2020 Annual pandemic, allowing the emirate to be at the Report 2020 Annual

18 forefront of innovative revival strategies. 19 Board of Directors

H.H. Sheikh Maktoum bin H.H. Sheikh Ahmed bin H.E. Mohammed Mohammed bin Rashid Al Saeed Al Maktoum Ibrahim Al Shaibani Maktoum

Deputy Ruler of Dubai Board Member Board Member and Vice-Chairman Managing Director

H.E. Reem bint Ebrahim H.E. Sultan bin Saeed H.E. Abdulrahman Saleh Al Hashimy Al Mansouri Al Saleh

Board Member Board Member Board Member

H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum

Crown Prince of Dubai and Chairman of Dubai Executive Council Chairman About Us About

Mr. Mohamed Hadi Mr. Helal Saeed Al Hussaini Al Marri

Board Member Board Member Annual Report 2020 Annual Report 2020 Annual 20 21 Our Our Excellence We focus on achieving outstanding performance and being the best in Vision Values whatever we do through a culture of innovation and quality. To enhance Dubai’s position as We believe in the relentless a globally competitive economy pursuit of Excellence, and through the Commitment by investing in opportunities Commitment that protect and grow its wealth and hard work of our people, we achieve our quest for and secure a prosperous future We consistently deliver on our Sustainability by consistently promise and meet the objectives for its people. delivering superior value and of our organisation. returns to our stakeholders, while keeping true to our Our principles of Integrity and Respect. Sustainability

Mission We are committed to creating value and delivering consistent and superior performance, in We are committed to engaging the long-term interest of our responsibly, efficiently and stakeholders. sustainably across a range of industry sectors and geographies to achieve long term superior Integrity financial and operating results, We maintain high ethical standards whilst adhering to the highest by being fair, responsible and standards of integrity and transparent in our dealings with others. business conduct. We seek to

improve the long-term economic Us About performance of our investments by considering governance Respect

and sustainability risks that We are mindful of the rights, are likely to have an impact on feelings and dignity of others, and

Annual Report 2020 Annual strive to treat them as we want to Report 2020 Annual

22 performance over time. be treated. 23 24 Annual Report 2020 A Story of Growth & Diversification

Expo 2020 Site

25 Annual Report 2020 About Us 26 Annual Report 2020

2006No. 11of2006 Emiri Decree 3rd May 2006 under on ICD isestablished

Company to ICD and DubaiDevelopment Plant & Cold Stores Company Bank ofDubai,DubaiIce Islamic Bank, Commercial EMAAR Properties, Dubai transfers stakes minority in Government ofDubai and Nasdaq OMX in London Stock Exchange Borse Dubaiacquires interest Exchange to Borse Dubai International Financial Market (DFM)andDubai transfers DubaiFinancial Government ofDubai in the UAE as the largest bankby assets Emirates NBD(ENBD) formed EBI andNBDMerger – 2007CBME to ICD Company, Borse Dubaiand Company, DubaiAluminium Centre, Emirates National Oil dnata, DubaiWorld Trade (NBD), Emirates Airline, (EBI), National Bank ofDubai Emirates Bank International transfers stake majority in Government ofDubai establishment dateestablishment fromstatements the consolidated financial Inaugural set of Mentor ofSingapore and H.E.the Minister Rashid AlMaktoum Sheikh Mohammed bin presence ofH.H. first year inthe Celebration ofICD’s ICD transfers Aswaaq to Government ofDubai ech to ICD Authority andEmarat- FreeAirport Zone Oasis Authority, Dubai Free, DubaiSilicon transfers DubaiDuty Government ofDubai 2008 200 2010the UK) (an in-flightcaterer in CateringFlight Group dnata acquires Alpha ofICD a subsidiary Corporation becomes National Bonds the UK) online travel agent in Republic Group (an dnata acquires Travel in 2008 Billion loanobtained Repayment of$4 Enterprise Dubai Aerospace controlling stake in ICD acquires a UK) provider based inthe managed services software and Ltd. (a global Technologies Group Smartstream ICD acquires 2011 2012 caterer2013 based inItaly) leading in-flight AirchefServair (a controlling stake in dnata acquires a BNP Paribas Egyptian business of ENBD acquires the London Stock Exchange divestment interest ofits inthe Borse Dubaicompletes its Standard Aero DAE interest divests its in D.C. Hotel New York andWWashington ICD acquires Mandarin Oriental (based inSouth Korea) Engineering andConstruction ICD acquires Ssangyong Turkmenistan) Oil(anDragon E&P company in ENOC acquires full ownership of flydubai to ICD Government ofDubaitransfers real estate assets develop andmanage strategic Ithra to Dubaiisestablished International Holdings ICD takes control ofKerzner United States) provider based inthe handling leading airport International (aServices dnata acquires Ground Montenegro ICD acquires Porto on DFM EMAAR Malls shares are listed ICD acquires Atlantis Palm The 2014capital market transaction conventional first bondinits sukuk anda$300-Million ICD issues a$700-Million 50% JVwith Mubadala) Aluminium Company to EGA (a interestICD divests its inDubai 2015 2016 opened inDeira New Waterfront Market is shares are listed onDFM EMAAR Development lessor AWAS Dublin-based aircraft DAE acquires ing Engineering andContract- ICD acquires ALEC F&B inthe United States) Ventures (retail sales of stakemajority inAir Emirates acquired Authority to ICD Commodities Centre transfers DubaiMulti Government ofDubai 2017 2018chain logisticscompany Forwarding, a supply ICD acquires ISSGlobal AirwaysQantas catering business of dnata acquires the ICD of owned subsidiary DAE becomes awholly 201Plc International Holdings interestits inNetwork divests ENBD partially A.Ş. ownership ofDenizBank ENBD acquires the full 2020

27 Annual Report 2020 About Us 2

Our 30 Managing Director’s Message 32 Governance Framework 36 Operating Model 38 Investment Strategy Annual Report 2020 Annual Report 2020 Annual 28 29 In line with the robust response from Dubai’s leaders, our portfolio companies have been incredibly Assets (in Billion AED) Managing responsive, taking additional precautions to ensure their ability to bounce back and support Dubai’s 1121 770 1111 879 ambitious vision once again as soon as the crisis 844 subsides. Now more than ever, they are frequently Director's reassessing their business models, applying cost- saving solutions, seeking further efficiencies, and exploring new strategies. In parallel, they’re taking Message great strides to support their employees, customers, clients, and visitors.

Understandably, the economic crisis brought on by the pandemic has significantly impacted Investment

Corporation of Dubai’s activities, which is reflected 2016 2017 2018 2019 2020 in this year’s Group performance despite our best efforts to minimize disruption. On a more positive note “Despite all the though, the Group has upheld a resilient balance-sheet Revenue (in Billion AED) position, with total assets standing at the AED 1 trillion 177 232 228 136 challenges faced in 2020, mark, as reflected in our 2020 ICD Group financials. 201 This should lead to a favorable outcome once the crisis we have learnt a great is over. deal: we have become Despite all the challenges faced in 2020, we have learnt a great deal: we have become more agile, more agile, resilient, resilient, and dynamic; we have materially shifted the way we work and have adopted more flexible working and dynamic; we have policies while rapidly leveraging new technologies to connect more efficiently. materially shifted the 2016 2017 2018 2019 2020 The safety and wellbeing of our employees have way we work and have always come first. With the onset of the pandemic, we ensured that everyone received the support required to Profit/(Loss) for the Year (in Billion AED) 22 21 25 15 adopted more flexible work securely from their homes. I am deeply humbled 25 by the unwavering commitment and focus of our working policies while employees across the Group. Without their steadfast contribution, I recognize that our optimistic outlook rapidly leveraging new would not be possible. I would also like to thank our stakeholders and business partners for standing strong technologies to connect with us during these challenging times. more efficiently” In closing, we are deeply committed to supporting Dubai’s economy as the UAE proudly celebrates its golden jubilee and we are keen to ensure its continued

2020 will always stand out as an unforgettable year development over the next fifty years. 2016 2017 2018 2019 2020 for everyone. The pandemic shook the world to its core, affecting our lives, our sense of security, and the economy. Equity Attributable to the Equity Holder H.E. Mohammed Ibrahim Al Shaibani (in Billion AED) Board Member and Managing Director

Governments, authorities, and companies had to Our Framework 174 198 205 193 move quickly and respond with incredible accuracy 190 and intuition to minimize the financial impact on businesses and individuals.

We are fortunate to be part of a country with such exemplary leadership; a country that was among the first to take action and the critical measures necessary to protect its institutions, citizens, and residents,

Annual Report 2020 Annual while minimizing the long-term impact on the UAE’s Report 2020 Annual

30 economy. 2016 2017 2018 2019 2020 31 32 Annual Report 2020 Governance portfolio companies. portfolio standards across ICD and its governance and promoting these high standards ofcorporate demonstrating and upholding success. ICD iscommitted to essential for ICD’s long-term Sound governance practices are effectively. are arrangements operational functioning that ICD’s investment management and the stewardship ofICD, seeking to ensure policies and procedures. It isresponsible for corporate governance affairs and related BoardThe has oversight ofthe organisation’s accountability. promotes responsibility and management ofICD and for the efficient day-to-day Delegated authority allows Board ofDirectors. under the overall oversight ofthe regularly report to and operate to various active committees that authorities includingof certain achieved through the delegation governanceThe ofICD is Committees managed. and processes to ensure necessary are risks effectively to enhance internal controlin their efforts systems committeeThis provides guidance to ICDdepartments sound management framework. risk recommending and overseeing the ofa implementation responsible heads andisprimarily department for RiskManagementThe Committee iscomprised ofall Risk Management Committee overseeing day-to-day its operations. management team ofICDandhas the responsibility for ManagementThe Committee comprises the senior Management Committee relatedperformance objectives ofICD. and recommendation to the Board ofthe corporate ICD’s compensation plans, and and benefits the review the remuneration ofexecutive directors, oversight of responsibleprimarily for the review and approval of Board members. Remuneration The Committee is RemunerationThe Committee comprises three Remuneration Committee and regulations. monitoring compliance with applicable standards, laws process, system its ofinternal control, process its for oversight ofICD’s financial and the audit reporting AuditThe Committee responsible isprimarily for the AuditThe Committee comprises four Board members. Audit Committee of investment transactions. ofinvestmentsperformance made by ICD, and approval Board ofICD’s investment strategy, oversight ofthe responsible for the review and recommendation to the members. Investment The Committee isprimarily InvestmentThe Committee comprises three Board Investment Committee

33 Annual Report 2020 Our Framework Governance Risk Working Audit management with our portfolio companies

ICD’s risk management framework integrates risk ICD plays an important governance role in respect ICD has made both its interim and annual financial management into core business activities and decision- of its portfolio companies by participating in the statements publicly available for a number of years. making processes with the goal of taking prudent risks formation of high calibre and experienced Boards that are commensurate with our risk appetite. and Management Teams through the use of board ICD has had its consolidated financial statements audited or management representation. ICD does not direct by independent auditors each year since its inception and The framework is designed to contribute to the the day to day operations of its portfolio companies. its interim half-year financial statements are subject to achievement of ICD’s strategy and objectives Each of the portfolio companies is managed by its review by its external auditors. by implementing a risk management process to respective management and guided and supervised by systematically identify, analyse, evaluate, treat, monitor its own Board of Directors. In addition, the majority of ICD’s portfolio companies are and review ICD’s risks. subject to an external independent audit. However, in its capacity as a shareholder, ICD We believe that a strong risk culture is important to does have the ability to actively engage various ICD and its portfolio entities are also subject to oversight create an environment for effective risk management stakeholders, including the boards and management by the Financial Audit Authority of the Government of processes. All employees have a responsibility for of its portfolio companies. Shareholder activity is Dubai (the FAA). managing risk and this is reflected in ICD’s performance carried out to implement ICD’s mandate to supervise management framework. and monitor its portfolio companies and any The FAA’s role is to provide an independent review of coordination between them. financial reporting processes and controls at all entities The effectiveness of ICD’s risk management framework owned or controlled by the Government of Dubai. depends on its integration into ICD’s governance ICD provides assistance as and when it may be framework. The Board of Directors of ICD and of the required to its portfolio to support their development ICD established its internal audit function in 2019. The respective entities have responsibility for: through the provision of strategic advice on, among internal audit function provides an additional layer of other matters, funding, ESG, and legal affairs. oversight of ICD’s internal control framework through its internal audits of ICD’s operating activities. • The establishment and oversight of risk In addition, ICD facilitates the implementation of management frameworks, including the co-operative ventures in furtherance of its mandate For independence purposes, the Head of Internal Audit determination and approval of risk appetite; and to supervise and monitor its portfolio companies and function reports functionally to the Audit Committee. coordinate effective cooperation between them. • The formation of appropriate risk management

committees responsible for developing and Our Framework monitoring risk management policies and procedures for the identification, analysis and management of the risks in the operations of the respective businesses. Annual Report 2020 Annual Report 2020 Annual 34 35 36 Annual Report 2020 Operating Model • • At the ICDparent level • At the company portfolio level two levels takes place at Investment reduce dependence onkey sectors. diversification away from the strategic to portfolio of Dubai orthey can also provide a degree of with the development strategy ofthe Government to invest, these investments are aligned typically has autonomy inthe selection ofprojects inwhich strategic described above. activities Whilst ICD own investment that activities supplement the of the Government ofDubai,also carriesout its companies whereportfolio required; and respective strategy. or through acquisitions according to their own In parallel, ICD, asthe investment principal arm the development ICD supports ofstrategic Portfolio companies grow typically organically

• • • • At the ICDparent level • At the company portfolio level at two levels also takes place Funding governance frameworks. objectives set within ICD’s investment, and risk and manages this leverage conservatively through ICDmonitors activities. its funding to support investment and supplementary exits returns; received from companies, profits portfolio all its on subsidiaries’ development activities; oflandin companies related orplots to its Government ofDubai such as ownership interests receives contributions from non-monetary the Government ofDubai. ICDparent occasionally receive from funding orseek support the and governancerisk frameworks. conservatively their leverage through investment, Portfolio companies monitor and typically manage profits and funding external to fund their expansion. of funding sourcesvariety and use their cumulative ICD also, from to time time, may solicit third party ICD’s sources principal ofincome are dividends ICD parent isself-funding and doesnot typically Portfolio companies have typically direct access to a

investment plans. companies and onfutureportfolio growth plans and/or dependent onthe dividendsitreceives from its ICD makes distributions to the Government ofDubai the Government to our shareholder, Return

37 Annual Report 2020 Our Framework 38 Annual Report 2020 Investment Strategy investment portfolio. the long-term risk-adjusted return potential ofICD’s in diversifying markets and asset classes to enhance we have increasingly emphasised capital deployment In recent years, evolution asa natural ofthe strategy, oftheimplementation second limbofthe mandate. deployment, both critical to the successful towards management and capital portfolio For some now, time our focus has beendirected welland performing over the cycle. remained relatively stable, whilst achieving growth life. composition The ofthe core has portfolio of firstthis mandate in part the early years ofICD’s Significant progress was made with regards to the • • • governing law to ICD inits mandate given derived from the Our strategy is enhance returns anddiversification. with ICD’s mandate, orinternationally, to commercially sound andstrategically aligned making new investments, either locally, if Efficiently deploy and recycle capital by sustainably; and in order to preserve wealth andgrow value Provide strategic oversight ofthe portfolio Government ofDubai; of companies andinvestments ofthe Consolidate andmanage the existing portfolio stakeholders. companies, externalmanagers,portfolio andother do andwe aspire to our to beatrusted partner to following ethical practices ineverything we As reflected in our core values, we are committed • • • • • to inform our investment process. we have adopted several guiding designed principles long-term value, whilstalso focusing onsustainability, withAs aninstitution amissionto create wealth and Principles Guiding level ofengagement. regularly, through ongoingoversight and appropriate construction objectives; and to risk-adjusted returns and overall portfolio strategic ordiversification and contribute benefits, should bemade oncommercial principles; disciplined andthorough evaluation; adjusted for inflation; Performance should bemonitored and assessed Investments should demonstrably provide either toDecisions invest, manage and exit investments Capital allocation decisionsshould bethe result of Emphasis should beplaced oncapital preservation,

partner. to beareliable, responsive, andtrusted investment we remain actively engaged with our partners andaim strong execution. When we are investor, aminority sound governance, effective decisionmakingand Where we have significant influence, weencourage managers with best-in-class structures andprocesses. and governance, andwe lookfor companies andasset we place significant emphasison corporate values When evaluating new investments orcommitments, of our exposure andreliance on external managers. knowledge anddeepdue diligence, anddiversification in our investment decisionsbased onsector We aimto strike abalance between strong conviction target asset classes, sectors markets. andgeographic credentialed external managers access offering to our investments leverages ofhighly the expertise and active engagement, our approach to international historically favoured asignificant degree ofinfluence target Whilstinvestments verticals. inDubaihave capital recycling events, andnew investments in companies, strategic ofportfolio initiatives, support allocation isdetermined by balancing commitments to Taking these features into consideration, asset • • • • byselection isunderpinned the following features: Our approach to asset allocation andinvestment Approach Our possible allocation. investable hypotheses, and shape our approach on attractiveness, encourage the development ofnew looking views onasset classes and sector trendsdynamics and industry to form forward- globally; and secure the bestaccess investments to high-quality classes and sectors internationally; investment themes, andwell-timed capital recycling; commitments, the effective build-out oflong-term capital budgeting, givingconsideration to existing and funding requirements robust to support Continuous review and calibration ofmarket with externalWillingness to managers partner to Clear framework for capital allocation across asset Strong and long-term cash flows ofshort visibility

39 Annual Report 2020 Our Framework 40 Annual Report 2020 Current Investment Focus concentration risk. to diversify and reduce and helpswith our goal set, of our opportunity contributes to a broadening managers available to us asset classes, strategies and breadthThe and depth of criteria and strategy. alignment oninvestment strongly by underpinned an passive investments, always allocation to funds and more has resultedThis inselective achieve our objectives. fund managers to helpus with experienced partnering we recognise of the merits to asset classes globally, As we increase our allocation investments.minority markets, and controlled over favoured private over public Historically, we have Agritech. Ourexposure to these sectors isinthe form including Fintech, Life Science, Software, and high-growth andstructurally attractive sectors, gradually building focused capabilities inselected Whilst we continue to remain well diversified, we are critical. sectors from benefiting these trends isincreasingly significant, andhaving exposure to companies and companies. resulting The impact onvalue can be industries anddisrupt andincumbentand services, power to create new business models,new products Economically, innovation hasdemonstrated its innovation andtheir potential impact onsociety. appreciate the significance of technology and thatportfolio aimsto grow value sustainably. We factor contributingan important to awell-diversified We believe that exposure to innovation andgrowth is Growth Equity are lookingto increase our allocation to Asia. markets, America including andEurope, North andwe predominantly indeepandwell buyout established geographical focusThe for Private Equity is risk-adjusted returns. we believe have the potential to generate attractive exposure to strategies, sectors andcompanies which invested alongsidelike-minded managers, givingus creation. We have made commitments to funds, and products andclearroadmaps and services, for value market capable positions, management teams, leading ultimately seek exposure to companies with strong ofsuperior risk-adjustedhistory performance. We look for partners with well-tested strategies anda through fund commitments andco-investments. We with track anestablished records inthe buyout sector, carefully with external managers select andpartner class inkey international markets. Ourapproach isto to increase our exposure to the Private Equity asset ofour portfolio, especiallyinDubai,we arepart keen Whilst private companies already represent alarge Private Equity the during yearopportunities include: has beenlookingfor investment Some ofthe areas inwhichICD and with ofcapital andinvestment arange partners. both domestically and internationally, across segments platform from whichto evaluate new opportunities, a compelling proposition andcreates strong avery Combining capability, visionandcapital provides created by the Covid-19 pandemic. sector broughtHospitality about by the disruption and Europe inthe to take advantage ofopportunities commitments to external managers America inNorth In 2020, we have also andtargeted made prudent • • sectors. management andinvestment capabilities inthese We have significant operational, development, and sustainable cash flows. once stabilised, isexpected to generate strong, stable Commercial, Residential andRetail and segments, isdiversified portfolio This across the Hospitality, Place, andOneZa’abeel. Atlantis Palm, The Waterfront, Deira ICD-Brookfield development oflandmark projects, including Royal recently, we have continued to play akey role inthe suchmost iconic assets, asAtlantis the Palm. More direct presence inthe sector, owning some ofDubai’s a dedicated and developed capability asignificant ICD portfolio. Since inception we have established prospects. Assuch, they represent ofthe amajorpart economy, role playing long-term animportant inits Real are Estate andHospitality pillars ofthe Dubai Real Estate & Hospitality commitments to Growth Equity further. network ofrelationships andare keen to expand our We continue to build knowledge anddevelop our talented managers, andlike-minded investors. sponsors with deepsector experienced expertise, and of direct andfund investments, alongside typically projects. subsidiary, responsible for several world-class of Ithra Dubai,aDubai-based developer andICD’s consolidated anddeveloped through the formation In Real Estate, our capabilities have beenlargely expansion innew markets. development world-renowned ofits and brands continue the business to inthe guide andsupport of the Atlantis andOne & We Onlybrands. leading operator segment, inthe owner luxury years through the acquisition ofKerzner, a In Hospitality, this was achieved inprevious

41 Annual Report 2020 Our Framework 3

44 A Diversified Portfolio Our 46 Transportation Segment 52 Banking & Financial Services Segment

Portfolio 62 Oil & Gas Segment

66 Other Segment Annual Report 2020 Annual Report 2020 Annual 42 43 44 Annual Report 2020 A Diversified Portfolio Percentage holding by segment (as of 31 December 2020) 55.76 89.72 100 Oil & Gas Services Segment Banking &Financial Segment 100 100 Segment Transportation % % % % % 20 25.82 % % 100 Others Industrial Retail &Hospitality Leisure 100 100 Segment Real Estate & Construction Other 100 99.99 90 99.95 100 % % % % % % % % 50 % 73 90 27.50 50 51 65 % 80 % % % % % %

45 Annual Report 2020 Our Portfolio 3.1 48of total revenue %

21of total assets %

Segment Overview

Our Transportation Segment is primarily focused on the aviation industry, an area of key importance to the economy of Dubai.

Our portfolio companies, Emirates, dnata, flydubai and DAE continue to consolidate their positions as leaders in the global aviation sector amidst an extremely volatile and competitive landscape. The airlines and airport services components of this sector have been redefining the passenger experience by offering industry-leading ground support and in-flight experiences through innovation and increased collaboration. The aircraft leasing and financing components have grown, further strengthening Dubai’s position as an aviation finance hub. Our Portfolio Annual Report 2020 Annual Report 2020 Annual *average of last 3 years *average 46 47 Transportation Segment Group* the to Contribution Featured Holding Featured Holding *

Passenger destinations across Aircraft in operation 15782 countries on 6 continents 37of total 51 aircraft Emirates Airlines is not only the principal airline of Dubai The launch of flydubai by the Government of Dubai in but has grown over the last 36 years into one of the * includes temporary suspensions 2009 initiated Dubai’s participation in the low-cost carrier world’s largest airlines, operating the world’s biggest due to COVID19- pandemic segment, with the aim to make air travel more affordable, fleets of Airbus A380s and Boeing 777s and flying across convenient and flexible while enhancing connectivity six continents. between different cultures across its ever-expanding network. To date, flydubai has transported over 75 Million In March 2020, Emirates Airlines grounded its passenger passengers and has built a reputation as a reliable low- operations in response to national measures to cost carrier in the region. contain the COVID-19 pandemic, which caused an unprecedented disruption across the aviation industry. In March 2020, flydubai grounded its passenger The airline responded to this disruption efficiently by operations in response to national measures to Destinations across deploying resources to resume its cargo and passenger contain the Covid-19 pandemic spread. Despite the services in order to meet returning demand from Q3 of unprecedented disruption to the global aviation industry, 6537 countries 2020. Increased demand resulted in full utilisation of Million flydubai has been working since Q3 to restore its network on 3 continents its Boeing 777s for passenger and cargo missions. One- Passengers carried by providing safe travel to passengers. By year-end, third of Emirates passenger aircrafts were used for cargo 6.6 its network reached 65 destinations. Coupled with the operations this year. effects of the pandemic, flydubai was also impacted by the 22-month grounding of the Boeing 737 MAX aircraft. Emirates worked closely with its aviation stakeholders to safely restart its hub and network operations, supporting The code-share partnership with Emirates expanded communities and economies by serving travel demand during the year, offering travellers more seamless and ensuring the movement of essential goods. In connections through Dubai’s international aviation hub to October 2020, Emirates SkyCargo began transporting 155 destinations. COVID-19 vaccines on its flights. Million The airline has also reinforced its ‘Fly Better’ promise in Million order to build assurance and reinstate travel confidence 3.2Passengers carried among customers. Emirates has implemented robust 1.8+Tonnes Cargo carried bio- safety measures across all of its touchpoints, both in the air and on the ground. Furthermore, the airline refunded AED 8.5 Billion to its customers from over three Million Covid-19 related requests, and launched the airline industry’s first complimentary COVID-19 medical coverage for all passengers.

Emirates is a Premier Partner and the Official Airline of Expo 2020. Years Years 7.3Average fleet age 5.1Average fleet age Source: Annual Report 2020-2021 Annual Source: Segment Transportation — Our Portfolio

3.7+Thousand Aircraft in total Thousand Employees supporting operations Annual Report 2020 Annual 259 40+Employees supporting Report 2020 Annual

48 operations 49 Featured Holding Featured Holding

Airlines served across Aircraft owned, managed, 32037 countries 425committed and mandated to dnata was established in 1959 with a team of five Dubai Aerospace Enterprise (“DAE”) established in 2006, managed portfolio employees, operating as a local ticketing business in is a globally recognised aerospace corporation with two Dubai, and grew into one of the world’s leading air services divisions: Aircraft Leasing and Engineering. providers. dnata conscientiously invests in advanced infrastructure and cutting-edge technologies to enhance and DAE’s Aircraft Leasing division has owned, managed, sustain its key operating pillars of quality, safety, people and committed and has been mandated to manage a fleet of customer experience. approximately 425 Airbus, ATR and Boeing aircraft with a fleet value exceeding USD 16 Billion. The four core lines of dnata’s global business are: • International airport operations; DAE’s Engineering division serves customers in Europe, • UAE airport operations; Thousand the Middle East, Africa and South Asia from its facility, • Inflight catering; and Aircraft turns handled accommodating up to 15 wide and narrow-body aircraft • Travel services. 290 at any point in time. It is authorized to work on 13 aircraft types and has regulatory approval from over 25 regulators Airline customers In 2020, amid the challenges of Covid-19, dnata continued globally. 108 to deliver reliable and safe air services and took on new roles to support and create value. Cooperating closely with Travel restrictions invoked by government authorities its stakeholders, dnata’s team provided a vital service to worldwide to contain the spread of Covid-19 significantly aid the recovery. This included ensuring smooth and safe affected DAE’s operations. However, DAE continued to turnaround of flights, handling essential cargo and launching evaluate disruptions on a case-by-case basis to seek innovative new products and services, including cool dollies, long-term solutions that create value for both the airline UV cabin cleaning, IATA Dangerous Goods AutoCheck, and DAE. baggage disinfection and specialised handling of medical supplies. Million tonnes 2.7Cargo handled Years dnata continued to deliver reliable and safe air services in 2020 and took on new and vital roles in support of relief 6.2Average fleet age efforts in response to the pandemic. Cooperating closely with its stakeholders, dnata’s team ensured smooth and safe turnaround of flights, handling essential cargo and launching innovative new products and services, including cool dollies, UV cabin cleaning, IATA Dangerous Goods AutoCheck, baggage disinfection and specialised handling of medical supplies.

dnata continued to invest in global operations during the year. This included the opening of a new state of-the-art Million cargo facility in Manchester, and additional cargo capacity Meals uplifted Country presence and infrastructure in Sydney, Brussels and Toronto. dnata 16.9 across 6 continents also became the first ground handler to complete a green 52 aircraft turnaround in the United States. Source: Annual Report 2020-2021 Annual Source: Segment Transportation — Our Portfolio

Thousand 34+Employees supporting Annual Report 2020 Annual Cities and airports served operations Report 2020 Annual 50 184 51 3.2 15of total revenue %

63of total assets %

Segment Overview

Our Banking and Financial Services segment comprises conventional financial institutions such as Emirates NBD and Commercial Bank of Dubai (“CBD”) as well as Islamic principle-based financial institutions such as Dubai Islamic Bank, Noor Investment Group and National Bonds Corporation (“NBC”).

Our portfolio also includes ownership in key financial markets held through Borse Dubai’s controlling stakes in the DFM and Nasdaq Dubai as well as a significant investment in Nasdaq Inc.

Built on strong banking fundamentals and further supported by robust risk and governance frameworks, our banking and financial services companies seek opportunities to grow their business to enhance their local and regional presence and corporate profiles. Our Portfolio Annual Report 2020 Annual Report 2020 Annual *average of last 3 years *average 52 53 Banking & & Financial Banking Services Segment Group* the to Contribution Featured Holding UAE

Emirates NBD (“ENBD”) was established in 2007 following Market the merger between National Bank of Dubai and Emirates Bank International. ENBD’s shares are listed on the Dubai Billion AED Loans Financial Market. Through the legacy of its institutions’ Deposits history and its strategic role in developing the economy 464 Share of Dubai and the UAE, ENBD is considered the flagship bank of Dubai and is the second-largest bank in the UAE by assets. ENBD provides a full suite of banking services, including Islamic financing services. ENBD has a wide presence through a network of more than 900 branches and 4,000+ ATMs across the UAE. 21.8% ENBD has a significant retail banking franchise in the UAE and is a key participant in the global digital banking Assets industry, with 94 per cent of financial transactions Country presence, key and requests conducted outside its branches. In late 2019, ENBD launched E20., a digital business bank 13countries include UAE, for entrepreneurs and SMEs, while Liv., the lifestyle Saudi Arabia, and digital bank for millennials, continued to be the fastest- growing retail proposition in the UAE. ENBD’s significant Egypt investment in digital and technology over the last four years allowed the bank to adjust to the customers digital 17.5% banking behaviour, seamlessly.

In 2020, ENBD increased its foreign ownership limit from 20 per cent to 40 per cent.

To deal with the pandemic, ENBD provided interest and principal deferral support to over 100,000 customers in the UAE and other geographies where it operates. 900+Branches ENBD is the Official Banking Partner of Expo 2020 Dubai.

Billion AED 65.1Market capitalisation Billion AED 698Assets Deposits Our Portfolio — Banking & Financial Services Financial Segment & Banking — Our Portfolio

Thousand 19.9% 25+Employees supporting operations

Annual Report 2020 Annual Billion AED Report 2020 Annual

54 Loan444 book 55 Featured Holding UAE Market Dubai Islamic Bank (“DIB”) was established in 1975 and is listed on the Dubai Financial Market. DIB’s mission is Billion AED to maintain and improve its position as one of the world’s 206Deposits Assets leading Islamic banks through unsurpassed customer Share service, innovation, growth and consistent employee engagement. Serving over 3 Million customers across the Group, DIB offers an expansive range of innovative Sharia-compliant products and services to retail, corporate and institutional clients.

DIB is the largest Islamic Bank in the UAE and the second- largest Islamic Bank in the world based on total assets. 9.1%

In 2020, DIB completed the integration of Noor Bank PJSC, with the successful migration of all banking Country presence, key relationships into DIB, growing DIB’s position at the 7countries include UAE, forefront of Islamic banking in the region. The Bank also increased its foreign ownership limit from 25 per cent to Pakistan, Turkey, Kenya 40 per cent. and Indonesia

To deal with the pandemic, DIB has provided relief measures to over 54,000 customers in retail and corporate.

497Branches

Deposits Billion AED Billion AED Financing 290Assets 33.3Market capitalisation 11.1% 10.9% Services Financial Segment & Banking — Our Portfolio 55%

Billion AED Thousand Islamic financing Employees supporting Annual Report 2020 Annual 197 9+ Report 2020 Annual operations 57 56 Featured Holding UAE

Commercial Bank of Dubai (“CBD”) was established in Market 1969 and is listed on the Dubai Financial Market. The Billion AED bank’s principal activity is commercial banking, offering a Assets wide range of conventional and Islamic banking products 70Deposits and services to its corporate, commercial and personal Share banking customers through a network of 15 branches.

In 2020, CBD opened up its capital to foreign investors setting its foreign ownership limit to 40 per cent. This step will allow CBD to broaden its investor base as well as sustain capital inflows in the UAE. 2.9%

CBD has embarked on a strategic partnership with Microsoft to adopt and leverage the cloud technology opportunities offered by Microsoft Azure Cloud. This partnership is seen as the beginning of CBD’s Branches commitment to being a “default digital bank”. 15

Billion AED Billion AED 11.1Market capitalisation 97Assets

Loans Deposits Thousand Billion AED 1.3+Employee supporting 65Loan book operations

3.8% 3.6% Services Financial Segment & Banking — Our Portfolio

55% Annual Report 2020 Annual Report 2020 Annual 58 59 Featured Holding Featured Holding

Thousand Billion AED 860+Depositors including individuals 740Total assets market value and corporations of 221 listed products Borse Dubai was established in 2007 with the mandate of National Bonds Corporation (“NBC”) was established expanding Dubai’s leadership and influence in the financial in 2006 as a Shariah-compliant company built on the exchanges sector. This led to the consolidation of Dubai’s foundations of Islamic investment principles. NBC’s already established exchanges, Dubai Financial Market aims are aligned with the UAE Government’s ambition and Nasdaq Dubai, into the portfolio of Borse Dubai. Borse to increase financial literacy and encourage disciplined Dubai also holds an 18.06 per cent ownership stake in savings habits amongst its depositors while ensuring their Nasdaq, Inc. financial objectives are achieved in a sustainable manner. NBC offers an array of savings and investments solutions Under Borse Dubai’s stewardship, both DFM and Nasdaq focused on wealth creation and preservation for its Dubai have further developed and reached an estimated customers. total market value of their listed products of AED 740 Billion AED Billion as of 31 December 2020. The combined exchanges Thousand Despite the current challenging conditions caused by Assets under management have 221 listed products supported by an investor base of Covid-19, NBC’s investments grew by 13 per cent in 8.8 Investor base 846,786 investors. International investors maintained their 845+ 2020, reaching AED 8.8 Billion as at 31 December 2020, strong presence on the market, accounting for 50 per cent demonstrating NBC’s resilience and its customers’ trust of traded value. during these unprecedented times. NBC maintained its leading position in terms of the returns it offered to its bondholders, and also the number of regular savers increased by 21 per cent.

Since inception, National Bonds has distributed almost AED 2 Billion to its customers in the form of profit payout and prizes. AED National Bonds expanded its horizon abroad with the 2,492Dubai Financial Market establishment of its first subsidiary in the Kingdom of General Index as of 31 Saudi Arabia and is seeking potential strategic partners for December 2020 further international geographical expansion.

Foreign investor trading

50% Services Financial Segment & Banking — Our Portfolio Annual Report 2020 Annual Report 2020 Annual 60 61 3.3 26of total revenue %

4of total assets %

Segment Overview

Our Oil & Gas segment includes Emirates National Oil Company (“ENOC”), a company established in 1993 that operates across the oil and gas value chain with upstream, midstream and downstream activities. Our Portfolio Annual Report 2020 Annual Report 2020 Annual *average of last 3 years *average 62 63 Oil & Oil & Gas Segment Group* the to Contribution Featured Holding Exploration and Production Through Dragon Oil; ENOC’s exploration and production arm; the Group has a principal producing asset which is the Cheleken Contract Area off the shore of Turkmenistan, with other operations in Iraq, Algeria, Tunisia, Afghanistan and Egypt.

Supply Trading and Processing Emirates National Oil Company (“ENOC”) is a ENOC secures a cost effective and uninterrupted Thousand Thousand leading integrated player operating across the supply of feedstock for its processing plants and 112Barrels of oil refined 11+Employees supporting value chain. Established in 1993, ENOC establishes business opportunities locally and daily operations owns and operates assets in exploration & internationally. ENOC operates two processing production, supply & operations, terminals, fuel plants; which refines products and produces retail, and petroleum products. ENOC’s general methyl-tertiary butyl ether (MTBE) additives. business include automotive services, non-fuel and retail services. The Group employs a multi- Terminals national workforce and deploys world-class To meet the growing demand for bulk liquid customer service, innovations and technologies and terminalling, Horizon Terminals Limited (HTL) has best practices to empower the UAE’s social and expanded operations in UAE and Saudi Arabia to economic development. cover Singapore, Djibouti and Morocco with a total combined storage capacity of 6.6 Million cubic ENOC’s accelerator programme - NEXT is designed metres across 346 tanks. to create new digital ventures. Under NEXT, The Group launched ENOC Link, a mobile fueling Retail: ENOC manages and operates more than Refuelling stations Thousand concept and Beema, a leading InsureTech startup. 150 ENOC and EPPCO service stations in the UAE, Barrels of crude oil reaching an estimated 120 million customers each 169 151 ENOC is the Official Integrated Energy Partner for year and plans to further increase its footprint in production per day Expo Dubai 2020. UAE and KSA. ENOC’s service stations incorporate technologies and use of solar pv panels to enhance energy efficiency in line with Dubai’s Integrated Energy Strategy 2050.

Commercial International Sales (CIS) ENOC markets a diverse portfolio of lubricants and greases that are designed for applications for automotive, industrial, marine, heavy duty diesel engines and commercial use, with a presence in 60 Million countries across the Middle East, Africa, South East Vehicles refuelled during Asia, CIS and the Indian Subcontinent. 62+ the year

Convenience stores Our Portfolio — Oil & Gas Segment Gas & Oil — Our Portfolio 269established to date 55% Annual Report 2020 Annual Report 2020 Annual 64 65 3.4 of11 total revenue %

12of total assets %

Segment Overview

This segment includes portfolio companies that operate mainly within the:

1 Real estate & construction sector 2 Hospitality & leisure sector 3 Retail sector 4 Industrial sector 5 Others

The portfolio companies within this segment are vital to our diversification mandate. They are constantly evolving with the potential to grow and contribute further to our overall economic and value generation objectives. Our Portfolio Annual Report 2020 Annual Report 2020 Annual *average of last 3 years *average 66 67 Other Segment Group* the to Contribution Dubai’s Deira Enrichment Project undertaken by Ithra Dubai is developing in phases. The enrichment project seeks to delicately balance the innovative residential development of unique character and form, with simple, elegant and modern design preserving Deira’s heritage. 1 Brand names such as EMAAR and ALEC are redefining real estate and construction benchmarks globally and regionally. Real Estate Emaar’s and are two of the most recognised and visited & Construction sites in the world today. The portfolio also consists of Dubai Airport Free Zone Authority, a dynamic Sector business hub located at the very heart of global trade, and Dubai Silicon Oasis Authority, an integrated free zone ICD’s portfolio technology park that allows people to live, work, and play. These world-class companies in the free zones have attracted some of the most successful corporations to base real estate and their regional headquarters in the Emirate of Dubai, reinforcing Dubai’s status as a construction sector pivotal hub in the global economy. continue to shoulder the responsibilities of developing a variety of modern, fit for purpose, residential and commercial architectural marvels. Our Portfolio — Other Segment — Our Portfolio Annual Report 2020 Annual Report 2020 Annual 68 69 One Za'abeel 70 Annual Report 2020

71 Annual Report 2020 Our Portfolio — Other Segment — Real Estate & Construction Sector Featured Holding Featured Holding Deira Enrichment Project Phase One

Number of mixed-use buildings

Thousand 72+Residential units Emaar Properties (“EMAAR”) was established in 1997 as delivered since 2002 Ithra Dubai (“Ithra”) was established to enrich communities 50 a pioneer developer associated with integrated master- within the city of Dubai through various strategic property Planned planned communities. developments. Ithra Dubai continues to reach new • Residential units — heights in its quest to deliver mixed-used developments 2,200 EMAAR is listed on the Dubai Financial Market and is on an ambitious scale, incorporating world-class retail, • Retail units — 843 one of the most highly regarded real estate companies commercial, residential, and leisure concepts. • Commercial units — 416 globally. EMAAR continues to evolve and leverage its strengths to diversify into business segments that further Ithra’s current project portfolio includes two key projects, supplement its operating model; this includes mall the Deira Enrichment Project and One Za’abeel. In 2020, management, entertainment, hospitality and commercial significant progress has been made on both of these projects, Hotel rooms and serviced leasing. EMAAR is also associated with premier lifestyle with handovers underway in the Deira Enrichment Project. apartments across eight properties brands, as evidenced through its signature brands such Billion sqft as the Address Hotels, The Dubai Mall, and Deira Enrichment Project . Burj Khalifa, a global icon, and The 1.7Land bank available for Dubai Mall, the world’s most-visited retail and lifestyle property development The Deira Enrichment Project was developed with a destination, are among EMAAR’s trophy destinations. mission to revitalise Dubai’s original community centre and trading hub using a modern approach to its design and 1,450+ Despite the Covid-19 pandemic, EMAAR has seen during functionality while preserving Deira’s “unique charm and the second half of 2020, a substantial improvement in enduring an entrepreneurial spirit”. Deira Enrichment Project UAE property sales and footfall levels, and high growth in encompasses the Waterfront Market, Deira Enrichment One Za'abeel tenant sales at Malls business. Project Phase One and Two and the Gold Souk Extension.

As of December 2020, EMAAR’s delivery track record The concept is built on expanding the existing urban fabric World’s longest cantilever exceeds 72,100 residential units between Dubai and of the Deira community towards the waterfront. The master bridge connecting 2 towers other international markets. Over 26,000 residences are plan retains the current architectural and design themes and currently being developed in the UAE, alongside 12,000 Million sqft business activities, promotes a real sense of community, units across international markets. EMAAR also has strong Gross leasable area space preserves the spirit of trade and entrepreneurship and Planned recurring revenue-generating assets with over 1,140,000 12.3 enhances social interaction amongst residents. Deira sqm of leasing space and 27 hotels and resorts with 5,895 Enrichment Project Phase One will accommodate 50 mixed- • Luxury residential units — 263 rooms (includes owned and managed hotels). use buildings and 8 hotels spanning over twelve districts. • Office space —37,127 sqm One Za’abeel • Retail space — 11,777 sqm One Za’abeel is an iconic addition to Dubai’s skyline that • Hotel rooms and serviced evokes duality through the distinctive design of its two apartments — towers. It is a revolutionary high-rise mixed-use development 498 incorporating luxury residences, an ultra-luxury hotel, Hotels (includes owned serviced apartments, premium Grade A office spaces, a retail podium, and a panoramic sky concourse. Its design includes 27and managed) two modern high-rise towers connected by a record-setting cantilever called “The Link”, joining the two buildings. • Room Keys — 5,800+

One Za’abeel achieved a significant milestone in October Sector Construction & Estate Real — Other Segment — Our Portfolio 2020 as the 226 meter-long cantilevered building or The Link dissecting One Za’abeel’s distinctive two towers was completed. The Link will house a choice of attractions, including restaurants by Michelin starred chefs, observation decks, and an infinity pool for an overall immersive experience. Through a phased delivery starting in late 2021, One Za’abeel has a target completion date for all its five components by the end of 2022. Annual Report 2020 Annual Report 2020 Annual 72 73 Featured Holding Featured Holding

Million sqft Million sqft 5.6Gross leasable 57+Built-up area Dubai Airport Freezone Authority (“DAFZA”) was established area space Dubai Silicon Oasis Authority (“DSO”) was established in in 1996 and is a business hub located at the heart of global 2005 with a mandate to facilitate and promote modern trade. Benefiting from direct access to Dubai International technology-based industries within a single master-planned • Residential space — 46.5+ Million sqft Airport, DAFZA offers the ideal gateway to the Middle community that spans 7.2 Million sqm. DSO’s activities have East and unrivalled connectivity to Europe, the Indian been organised into five main pillars, including industrial, • Office space —4.5+ Million sqft Subcontinent and the Far East. commercial, education, living and residences, to support and complement the requirements of its business partners, • Retail space — 3+ Million sqft DAFZA is recognised as one of the advanced free zones in visitors and residents. DSO contributes meaningfully to the • Leisure parks — 1.5 Million sqft Dubai, which provides a business-friendly environment and GDP of Dubai through the promotion of economic activities world-class infrastructure. It is home to more than 1,800 that support business growth and further attract foreign • Educational facilities — 0.9 Million sqft registered companies and 15,000 professionals, who benefit direct investments. from other incentives such as tax exemptions, full repatriation Thousand of earnings, and the possibility of total foreign ownership. DSO is home to the Dubai Digital Park (“DDP”), Dubai’s first 1.8+Tenants/Companies integrated smart city project that comprises 71,000 sqm of Under DAFZA’s leadership, the airport free zone has office space, 25,000 sqm of commercial space with 85 shops, significantly expanded and has played a key role in boosting and 46,000 sqm of residential area. Dubai’s economic growth. DSO is also home to the Dubai Technology Entrepreneur In 2020, this growth continued with the Dubai airport free Campus (“Dtec”), the largest entrepreneurship hub in the zone contributing 10 per cent to Dubai’s non-oil foreign trade Middle East. Dtec houses more than 850 start-ups and and 25 per cent to the total trade in free zones of Dubai. 2,500 entrepreneurs from 72 countries. DSO also focuses Thousand Furthermore, during the year 2020 entities based in DAFZA on nurturing and equipping the future generation with pre- Residents live and work in DSO undertook non-oil foreign trade worth AED 119 Billion and requisite comprehensive technology knowledge. To this 80 achieved a trade surplus of AED 15.8 Billion. Average occupancy effect, it has been developing the Rochester Institute of Technology Dubai Campus with an investment of AED 500 86% Million and the potential of accommodating 4,000 students.

80%+Average occupancy Billion AED 119Non-oil foreign trade generated Our Portfolio — Other Segment — Real Estate & Construction Sector Construction & Estate Real — Other Segment — Our Portfolio

Thousand 15+Employees supporting operations Annual Report 2020 Annual Report 2020 Annual 74 75 Featured Holding Featured Holding

ICD Brookfield Place (“ICD Brookfield”) is an equally owned Billion AED joint venture partnership between ICD and Brookfield Asset Thousand sqft Outstanding Order book value Management, and a landmark building representing a new Retail space 5.5 lifestyle and business destination situated within the vicinity 160 ALEC Engineering & Contracting (“ALEC”) has grown to as at 31 December 2020 establish itself as a multi-disciplinary construction partner of the DIFC. capable of executing complex construction projects across the GCC and African region. ICD Brookfield is the tallest and largest LEED Platinum office building in EMEA, with over 4 acres of highly curated dining, With construction management, design and build, fit-out, retail and community space alongside 990,000 square feet of MEP, modular, renewable energy as well as access & lifting sustainable and future-ready workspace. and construction sourcing solutions featured amongst its core construction competencies, ALEC has extended its value Tenants started moving into ICD Brookfield Place in across a diverse range of sectors including infrastructure, September 2020, and their operations vary from banking, retail, hospitality, high-rise and entertainment. financial and aviation to legal services. Thousand sqft Number of projects with Green space As of 31 December 2020, ALEC has several major ongoing 140 projects within the UAE including SeaWorld Abu Dhabi, 100+approximate value of One Za’abeel, Dubai Hills Mall and Deira Waterfront AED 60 Billion successfully Development Phase One. delivered In 2020 ALEC has completed some significant projects, including Jumeirah Living Marina Gate, Dubai Exhibition Centre, Mobility Pavilion and the Saudi Arabia Pavilion at Expo 2020. Thousand sqft 990Office space Thousand 2.7Car park bay

UAE Market Share

4.6% Featured Holding

Ssangyong Engineering & Construction (“Ssangyong”) has established its reputation as one of the high-end construction companies in Korea by building over 16,000 rooms in high-end luxurious hotels, including “Marina Bay Thousand Sands” in Singapore. It has also built state-of-the-art hospitals with a total capacity of 12,000 beds. 12+Employees supporting Ssangyong is also a leader in the civil engineering space and excels in constructing roads, subways, bridges and operations tunnels such as Singapore’s Marina Coastal Expressway and Downtown Line.

In 2020, together with another contractor, Ssangyong completed a major project, ICD Brookfield Place and Sector Construction & Estate Real — Other Segment — Our Portfolio continued to work on other projects including The Royal Atlantis Resort & Residences. Annual Report 2020 Annual Report 2020 Annual 76 77 ICD’s Dubai World Trade Centre (DWTC) is a landmark destination for a majority of business travellers attending various DWTC meetings, incentives, conferences and exhibitions.

ICD’s Kerzner International Holdings Limited is an international resort and hotel developer and an operator that offers 2 travellers, in Dubai and in many unique locations abroad, unparalleled resort living and entertainment experiences. Hospitality Simultaneously, ICD’s ICD Hospitality and Leisure company continues to invest selectively in leading hotels around the & Leisure world. Sector

The hospitality and leisure sector is pivotal in driving Dubai’s economic engine. Whether for business or leisure, travellers to Dubai can choose from a very wide range of offerings to suit their needs whilst experiencing some of the world’s best-in-class infrastructure. Other Segment — Our Portfolio Annual Report 2020 Annual Report 2020 Annual 78 79 Porto Montenegro 80 Annual Report 2020

81 Annual Report 2020 Our Portfolio — Other Segment — Hospitality & Leisure Featured Holding Featured Holding

Events hosted Top rated luxury resorts 127+ 13operated around the world Established in 1979, Dubai World Trade Centre Authority Kerzner International Holdings (“Kerzner”) is a leading (“DWTC”) plays a pivotal role in the growth of Dubai’s international developer and operator of destination resorts, business tourism and trade. DWTC organises and hosts ultra-luxury hotels and residences, providing innovative the region’s leading trade exhibitions and events covering entertainment experiences. Delivering authentic, genuine key sectors such as technology and innovation, healthcare, service from the heart and amazing experiences in the energy and sustainability, food security and hospitality. world’s most incredible locations, guests come away with everlasting memories at each resort within the flagship With over 1.8 Million sqft of leasable event space, the Dubai brands. Brands owned by Kerzner include One & Only International Convention and Exhibition Centre is recognised Thousand Resorts and Private Homes, Atlantis Resort and Residences as the region’s largest purpose-built events complex. Since its Companies participated and Mazagan Beach and Golf Resort. inauguration, DWTC has hosted over 5,000 events, with an 19+ Country presence economic output of AED 200 Billion, and attracted over 30 in organised events Kerzner recently added two ultra-luxury resorts to their One 10across 4 continents Million business visitors to Dubai. & Only portfolio: • One & Only Mandarina, along the Riviera Nayarit in In 2020, DWTC set the benchmark globally by creating and Mexico; and implementing stringent event guidelines to ensure the safe • One & Only Desaru Coast, on the south-eastern and effective resumption of events in Dubai. DWTC safely shoreline of Malaysia. operated and hosted over 127 events during 181 days throughout 2020, far exceeding other global events centres. Kerzner also has a number of highly anticipated properties in development, most notably: DWTC successfully organised GITEX Technology Week, the • The Royal Atlantis Resort & Residences, at The Palm world’s only live in-person global technology event in 2020. Thousand in Dubai; DWTC’s latest projects under development include One • Expansion of Aquaventure at Atlantis, The Palm in Thousand Central, Expo 2020 Village and Dubai Exhibition Centre. 500+Visitors attended Dubai. Set to become one of the largest waterparks Rooms organised events in the world; and 4.6+ Located at the Expo 2020 site, the Dubai Exhibition Centre • One & Only Portonovi, in Montenegro. will be operated by DWTC, providing a platform to engage and entertain the world’s largest meeting of minds. This unique space will stretch well beyond the six months of the Expo, boosting the region’s meetings and events industry, furthering the UAE’s reputation as a destination for major conferences, and fuelling growth in Dubai’s knowledge-based economy.

Restaurants Nationalities of delegates 133and attendees 146 Our Portfolio — Other Segment — Hospitality & Leisure & Hospitality — Other Segment — Our Portfolio

Million sqft Built-up area for the purpose of

Annual Report 2020 Annual 1.8 Report 2020 Annual hosting MICE events 82 83 Featured Holding

461Berths Located in the UNESCO protected Bay of Kotor, Porto Montenegro is one of the world’s largest super-yacht marinas. Porto Montenegro combines a spectacular lifestyle destination with a world-class, full-service marina and luxury residential village offering premium real estate for sale and rental in this part of the Mediterranean.

Development initiatives are ongoing within the Porto Montenegro’s super-yacht marina and the residential village. Metres At present, 50 per cent of the consented offshore berthing World's largest and 30 per cent of the total 24 hectares of Porto Montenegro 250 land area has been completed at an approximate value of superyacht berth AED 2 Billion.

In 2020, the leasing of the completed villages areas was close to full capacity, with several new stores and restaurants opening in the same year. Planning and preparation for future additional sub-districts, each with its distinct purpose and theme and redevelopment, has commenced on the super- yacht refit and repair shipyard.

Hotel rooms and apartments 162under management • Hotel rooms — 34 • Apartments under management — 128

Thousand sqm 120+Built-up area of the Marina Our Portfolio — Other Segment — Hospitality & Leisure & Hospitality — Other Segment — Our Portfolio Annual Report 2020 Annual Report 2020 Annual 85 84 7Restaurants Dubai Duty Free complements Emirates’ strategy to make Dubai a leading transit destination for global travel routes.

ICD’s retail activities also include aswaaq, a chain of supermarkets and community malls located at the heart of residential 3 communities in Dubai. Retail Sector

Dubai is the premier retail destination in the MENA region, and the first experience that visitors have of this critical sector falls under ICD’s retail portfolio: Dubai Duty Free, one of the biggest travel retail operators in the world. Our Portfolio — Other Segment — Our Portfolio Annual Report 2020 Annual Report 2020 Annual 86 87 88 Annual Report 2020

89 Annual Report 2020 Our Portfolio — Other Segment — Retail Sector Featured Holding Featured Holding aswaaq Properties

aswaaq was established in 2007 and has since expanded Thousand sqm and developed significantly. aswaaq has refined its 40+Retail space at Dubai operational structure by establishing three subsidiaries with Million sqft Dubai Duty Free (“DDF”) was established in 1983 and Airports the ultimate goal of covering the entire supply chain under is one of the largest single airport retailers globally, the slogan “From Farm to Fork”. 2.2Land owned measured in terms of turnover. DDF continues to improve its travelling customers’ retail experience • Tamraat General Trading sources products with a by ensuring access to a wide range of products and particular focus on fresh produce; renowned brands. • aswaaq Properties provides retail and warehouse spaces to aswaaq’s supermarkets, local In 2020, following the UAE Government’s decision businesses and SMEs; and to suspend passenger flights due to Covid-19, DDF • aswaaq Retail operates a unique local supermarket closed its retail operations on 25 March and gradually chain enhancing customer experience resumed its operations from June while complying with preventative health and safety measures. DDF’s Billion AED aswaaq works to enable sustainable, innovative and Home Delivery Service, launched in June, recorded collaborative business solutions that provide value to Thousand sqft AED 3.96 Million in sales with 2,398 orders. On its 37th 2.5Turnover stakeholders and explore more investment opportunities Real Estate gross leasable area anniversary in December, DDF recorded sales of AED across the region. 288+ 70 Million during an anniversary sale lasting 72 hours.

aswaaq Retail

Million Occupancy rate across 22.9Units of merchandise sold 97%11 community malls Thousand sqft 213+Built-up area across 22 retail outlets

Million 7.6Number of sales transactions recorded Customers served 4.6+ Sector Retail — Other Segment — Our Portfolio

Thousand Employees supporting Annual Report 2020 Annual 2.5+ Employees supporting Report 2020 Annual 90 operations 500operations 91 Our portfolio companies within this sector include two key joint ventures; EGA, a leading ‘premium aluminium’ producer, and DUCAB, one of the leading manufacturers of energy cables in the Middle East. These companies are continually evolving, seeking to gain a bigger market share and more global prominence through various strategic 4 initiatives and partnerships. Industrial Sector

Over the years, the industrial sector has gained prominence as an area of focus for Dubai and the UAE collectively as part of the economic diversification initiatives. Our Portfolio — Other Segment — Our Portfolio Annual Report 2020 Annual Report 2020 Annual 92 93 EGA Smelting Facility 94 Annual Report 2020

95 Annual Report 2020 Our Portfolio — Other Segment — Industrial Sector Featured Holding Featured Holding

Million tonnes Thousand metric ton Cast metal production Dubai Cable Company (“Ducab”) was founded in 2.5+ 1979 and is jointly owned by ICD and ADQ (through 115Cable annual production Emirates Global Aluminium (“EGA”) is the world’s largest Senaat, Abu Dhabi). Ducab is one of the UAE’s largest ‘premium aluminium’ producer. Jointly owned by ICD and manufacturing businesses and is a global leader in the Mubadala Investment Company, EGA is the largest development, design, manufacture, marketing and • Local Market — 70% non-oil industrial company in the UAE. EGA operates distribution of copper and aluminium wire and cable • Export Market — aluminium smelters in Dubai and Abu Dhabi, an alumina products. Having added overhead conductors to its 30% refinery in Abu Dhabi, and a bauxite mine in the portfolio with the establishment of Ducab Aluminium Republic of Guinea. Company (“DAC”), today Ducab works with customers around the world. Around 10 per cent of EGA’s production is sold domestically to UAE companies making products from The company’s business portfolio includes: car parts to electricity transmission cables for local and Customers • Ducab Cable and Wire; global markets. The aluminium sector, with EGA at its • Ducab High Voltage; and heart, is estimated to account for approximately 1.4 per • Ducab Metal, which comprises DAC and Ducab cent of the UAE’s GDP. The sector is estimated to support 400+ Copper Rod Plant. over 60,000 direct, indirect and induced jobs within the UAE. Thousand metric ton Ducab Group serves customers worldwide in the fields of energy, general construction, oil and gas, renewables, 230Copper and aluminium rod industrial, defence, rail transport, marine, mining, and annual production other speciality industry verticals.

• Local Market — 30% 50+Country presence • Export Market — 70%

Thousand sqft Contribution to Thousand 880Built-up area across 6 facilities Country presence ~4%world production 7+Employees supporting 40+ operations Featured Holding

Dubal Holding is the wholly owned subsidiary through which ICD invests in EGA. Dubal Holding owns around 19 per cent in Sinoway Carbon Company Ltd, a Calcined Petroleum Coke production facility in China’s Shandong Our Portfolio — Other Segment — Industrial Sector Industrial — Other Segment — Our Portfolio Province and in 2020, Dubal Holding acquired a 60 per cent stake in OSE Industries LLC, an operational specialised aluminium extrusion company in the UAE.

Aluminium in GCC Dubal Holding’s current project portfolio includes the development of a Power Plant and Reverse Osmosis Plant at EGA along with MDC Power Holding Company, a part of Mubadala. The Project is expected to be ~produced50% by EGA operational during mid-2021. The new facilities will improve the power efficiency of EGA’s aluminium smelting, reduce environmental emissions and natural gas consumption.

Dubal Holding is also leading the development of the world’s largest Waste to Energy facility in Warsan, Dubai.

Annual Report 2020 Annual The project envisages the treatment of around 1.9 Million tonnes of solid waste per year to generate around Report 2020 Annual

96 200MW of electricity that will be fed to the local grid. The project is expected to be operational in 2024. 97 In 2020, Dubai Multi Commodities Centre Authority (“DMCC”) was added to this portfolio; DMCC is one of the leading hubs for the global commodities trade.

Further, and in line with our long-term strategy adopted over recent years, ICD has been increasing its investments in sectors including Fintech, Life Science, 5 Software and Agritech, by partnering with sponsors having deep sector expertise, experience and talented managers, and Others like-minded investors.

The Group also owns stakes in a diverse range of companies that operate across industry sectors, including technology, innovation and integrated facilities and management solutions services, some of which have established themselves as regional leaders in their respective markets. Our Portfolio — Other Segment — Others — Other Segment — Our Portfolio Annual Report 2020 Annual Report 2020 Annual 98 99 100 Annual Report 2020

101 Annual Report 2020 Our Portfolio — Other Segment — Others Featured Holding Featured Holding

Thousand Thousand Registered companies on 250 18+Registered companies from Since its inception over fifteen years ago, emaratech smart channel platform Dubai Multi Commodities Centre Authority (“DMCC”) across 180 countries has provided innovative technology-focused solutions was established in 2002 to provide the physical, market to a variety of private and public sector organisations and financial infrastructure required to establish a hub in order to streamline cost, improve revenue generation for global commodities trade. It is the world’s most capabilities, minimise bureaucracy while enhancing interconnected free zone and the leading trade and governance and regulatory goals. enterprise hub for commodities.

Currently, emaratech has a total of 250,000 companies DMCC promotes and facilitates trade across a range of registered on its smart channel platform and with a goods from gold, diamonds and precious metals to tea, workforce of 600 employees, it processes approximately food and industrial materials. DMCC is a home to major 50,000 daily system requests. Thousand multinationals and start-ups, which connects more than 18,000 businesses with the world-class services, leading Billion AED Daily system request infrastructure and vibrant community needed to thrive and Diamonds traded at the Dubai 50 succeed. DMCC contributes roughly 10 per cent to Dubai’s 70 GDP. Diamond Exchange (“DDE”)

Despite Covid-19, DMCC continues to attract, facilitate and promote global trade. New initiatives were launched, existing projects progressed, and support packages ensured DMCC members received the help required to do business.

Employees supporting operations 600 Trillion AED 1.2Trade at Dubai Gold and Commodities Exchange (“DGCX”)

Thousand Million kilos 100+People live and work in 40Tea handled and processed at DMCC’s Jumeirah Lakes DMCC Tea Centre Others — Other Segment — Our Portfolio Towers (“JLT”) district Annual Report 2020 Annual Report 2020 Annual 102 103 Featured Holding Featured Holding

Fleet running on Bio Diesel ISS Global Forwarding (“ISS Global”) was established Thousand 100% in 2018 with the objective of optimising the growth Established in 2007, Imdaad provides integrated, potential, customer focus, and core competencies Shipments handled sustainable facilities management services that enhance of supply chain logistics. The company has owned 99+ operational efficiencies of physical assets. offices and affiliate office representation in 52 countries worldwide and its services includes: Through its nine business divisions, Imdaad provides: • Air freight; • Hard and soft facilities management and • Ocean freight; environmental services; • Material recovery services; • Road freight; • Energy and waste collection management Million litres • Warehousing; and solutions; 7,600+Waste water treated • Industrial projects. • Residential maintenance, and In 2020, with a workforce of 714 employees, ISS Global • Fire safety consultation and management. managed 99,236 shipping transactions with a cumulative Million tonnes weight of 2.76 Million tonnes. In the UAE, Imdaad continues to enjoy significant market 2.7+Cargo handled share with a large base of diverse clients across various sectors. The company also has a significant presence in neighbouring Oman.

Imdaad holds an impressive contract renewal record of 90 per cent across luxury hospitality, F&B, retail, banking, Million sqft residential, and mixed-use development sectors. Imdaad’s 282+Commercial and Industrial multi-cultural workforce comprises more than 7,000 skilled employees, representing 37 nationalities. facilities under management Thousand sqft 185Warehouse space managed

Thousand tonnes Waste recycled through 90+segregation program 52Country presence Our Portfolio — Other Segment — Others — Other Segment — Our Portfolio Thousand 7+Employees supporting operations Employees supporting 700+operations Annual Report 2020 Annual Report 2020 Annual 104 105 Featured Holding

Thousand sqm 650Planned built-up area of total Dubai Global Connect (“DGC”) is an international wholesale 1 Million sqm land area market specialised in the Food, Furniture & Living and Fashion industries. DGC offers state-of-the-art, bespoke, year-round showrooms and regular industry events, complemented by an ecosystem of buildings, products and services to create a place of reference for wholesale industries where trade is easy, accessible, and safe.

Phase 1 completion of this project is expected in 2023, and once fully functional, a total built-up area of 650,000 sqm dedicated to trading will host 3,700 companies and attract significant numbers of international buyers annually. The market is expected to create approximately 10,500 jobs and Expected companies with contribute over AED 60 Billion in annual trade volume to permanent showrooms Dubai’s economy. 3,700

In 2020, DGC delivered breakthrough progress. It received a completion certificate for the Visitor Centre building on the day Expo 2020 originally planned to open.

Billion AED 60Expected annual trade value Our Portfolio — Other Segment — Others — Other Segment — Our Portfolio Annual Report 2020 Annual Report 2020 Annual 107 106 4 Group 110 Financial Highlights & Analysis Performance Annual Report 2020 Annual Report 2020 Annual 108 109 Financial Highlights Overall Performance

Resilient operations and Balance-Sheet during a year of unprecedented challenges, with Assets keeping over the and Analysis AED 1 Trillion mark.

Net Loss of AED 15.5 Billion for the year 2020 due to global pandemic impact on Group’s results.

Statement of Financial Position Income Statement (in Million AED) (in Million AED) 2019 2020 Year Year 31 Dec 2019 31 Dec 2020

Cash and deposits with banks 157,564 175,618 Revenue 136,110 228,011

Investment securities 86,223 65,635 Operating (loss)/profit (10,457) 25,266

Loans and receivables (including Islamic) 458,571 452,526 Other income 254 4,798

Investment in associates and joint ventures 54,400 53,251 Net finance costs (6,899) (7,966)

Investment and development properties 27,981 27,033 Share of results of associates and joint ventures - net 2,396 3,826

Property, plant and equipment 170,836 177,066 (Loss)/Profit for the year before income tax (14,706) 25,924

Right-of-use assets 53,565 62,052 Income tax expense - net (794) (926)

Other assets 101,461 108,136 (Loss)/Profit for the Year (15,500) 24,998

Total Assets 1,110,601 1,121,317 Attributable to:

Borrowings and lease liabilities 321,079 302,297 The equity holder of ICD (18,922) 17,986

Customer deposits (including Islamic) 450,126 457,246 Non-controlling interests 3,422 7,012 Group Performance Group Other liabilities 98,137 110,201 (15,500) 24,998

Total Liabilities 869,342 869,744

Equity attributable to the equity holder of ICD 192,595 204,638

Non-controlling interests 48,664 46,935

Equity 241,259 251,573 Annual Report 2020 Annual Report 2020 Annual Total Liabilities and Equity 110 1,110,601 1,121,317 111 112 Annual Report 2020 EmiratesNBD). full year contribution from of DenizBank A.Ş.as part income inBanking (helped and by Financial Services a in Transportation and Oil & Gas revenues, and flat decrease from the year, prior with material drops Revenues were AED136.1 Billion,a40.3 percent (in BillionAED) Revenue and Analysis Financial Highlights

228 2019 Bn

136.1 2020 Bn the price and demand for oil. to various degrees and contributed to a material decline in affected all travel, hospitality, and retail real estate activities pandemic restrictionsThe imposed across the globe operations. coming from resilient Banking and Financial Services and profits activities, a lesser extent, Hospitality mostly Billion, with from losses primarily Transportation, and to GroupThe reported a Net Loss for the year ofAED15.5 (in BillionAED) Results for the Year

25 2019 Profit Bn attributable to the holder ofAED18.0 equity Billion. AED 18.9 Billioncompared to last year’s Net profit Net LossThe attributable to the holder was equity Loss

15.5 2020 Bn

113 Annual Report 2020 Group Performance “Despite the severe effect of the pandemic on the Group’s revenue and profitability, ICD was able to secure a solid Balance-Sheet, sustainable operations and financial stability in 2020 owing to proactive steps taken by the Group. From the outset and as the pandemic raged on, the Group focused on preserving the continuity of its businesses and safe operations for their employees and customers. As the global crisis continued, the Group entities regularly reviewed the adequacy of their plans, reducing costs and adapting their model”

“Several of the Group entities benefited from the timely decisions taken by our Shareholder, the Government of Dubai in response to the pandemic and our businesses are today strongly positioned to seize the opportunities presented by global economic activities now gaining momentum with the international vaccine roll-out” Group Performance Group

H.E. Mohammed Ibrahim Al Shaibani Annual Report 2020 Annual Board Member and Managing Director Report 2020 Annual 114 115 Financial Highlights and Analysis

Assets and Liabilities Assets were down 1.0 per cent from the year-end 2019 Equity Equity decreased by 4.1 per cent to AED 241.3 Billion, as (in Billion AED) to AED 1,110.6 Billion demonstrating resilience despite (in Billion AED) ICD Group’s overall performance was severely affected stress in some key businesses due to the pandemic, by the pandemic. whilst Liabilities were essentially flat at AED 869.3 Billion. Equity attributable to the equity holder of ICD decreased by 5.9 per cent to AED 192.6 Billion. Billion Billion 1,110.6Assets 241.3Equity

2019 1,121.3 Bn

2019 251.6 Bn

1,110.6 Bn 241.3 Bn 2020 2020

Billion Billion Liabilities869.3 192.6Equity attributable to the equity holder of ICD Group Performance Group 2019 2019 869.7 Bn 204.6 Bn

869.3 Bn 192.6 Bn 2020 2020 Annual Report 2020 Annual Report 2020 Annual 116 117 5 Economic Environment in 2020 Annual Report 2020 Annual Report 2020 Annual 118 119 120 Annual Report 2020 Dubai GDPby Sector largely mirrored the changes inDubai’s GDPas a whole. proportionate contribution to ICD’s results in2020have as the Dubai GDPby sector. Changes ineach sector’s are diversified albeit not necessarily in the same proportion oil sector. ofthe activities ofcompanies The ICDportfolio In 2020, Dubai’s GDPcontinued to bedriven by the non- Restaurants Hotels & 3.7 % Activities & Insurance Financial 11.5 Others 24.1% %

(H1 2020) & Storage Transportation 10.3 % Manufacturing 10.6 & Real Estate Construction 15.4 % % 24.4 Retail Trade Wholesale & % (in BillionAED) Dubai FDIInflow FDI Capital flows reaching AED24.7 Billion level ofinvestor confidence in2020, with the total estimated Despite global economic weakness, a high Dubai maintained response to the changing economic and political landscape. growth introducing many critical reforms and strategies in focus onforeign direct investment as a catalyst for economic Both the Federal and the Dubai Government continue to (in BillionAED) Dubai Real GDPand Growth Rate (%YoY) improved inthe second half ofthe year. With the steps taken by the Government, this has position the global economy, contracted inthe first half of2020. In the pandemic, the Dubai economy, incommon with Source: Dubai FDIMonitor website *Growth rate compared with HY2019 Source: DubaiEconomic Report 2016 2016 310 26 379 310 2017 2017 27 391 2018 2018 190

39 398 (first 9months) 220 2019 2019 54 407 2020 2020 1070

25 188

121 Annual Report 2020 Economic Environment in 2020 Brent crude price in USD / barrel (as of 31 December) The impact of Covid-19 on the global economy led to falling oil

56.82 66.87 Dubai real GDP (AED Billion) prices, due to low demand, in 66 and Growth rate (% YoY) early 2020. Although oil prices 51.8 53.8 improved in the second half of the year, reduced demand through the year had a negative impact on the performance of the oil and gas segment. 2016 2017 2018 2019 2020

3-month EIBOR and LIBOR (in %) (as of 31 December)

The decreasing trend in interest 2.84 rates in recent years was 2.81 accelerated through the global 2.21 Central Bank’s initiatives in 2020 to 1.80 1.48 1.91 combat the impact of the pandemic. 1.69

This has put the banking sector’s 1.00 0.51 margins under pressure but has benefitted other sectors. 0.24

2016 2017 2018 2019 2020

Dubai FDI inflow (AED Billion) US dollar index (as of 31 December) ICD includes a diversified portfolio of industries, which are impacted 102.21 by the volatility of the US dollar 96.39 Economic Environment in 2020 Environment Economic

exchange rate to other currencies 92.12 96.17 in differing ways. 89.94

2016 2017 2018 2019 2020 Annual Report 2020 Annual Report 2020 Annual 123 122 Source: Bloomberg Despite the pandemic, Dubai has continued to increase The impact of the pandemic is most evident in the its investment in the economy. As a significant portion reduction in foreign tourist numbers in 2020. Tourism did of ICD’s activities are embedded in the Dubai economy, see some recovery in Q3 and Q4 2020 following the steps this investment will contribute towards our future growth. taken by the Government. ICD portfolio entities were at the Following on from the 2020 budget, which was the largest forefront in a number of these initiatives. With Expo 2020 in Dubai’s history, the Government has announced a budget commencing in October 2021 and running to March 2022, of AED 57 Billion for 2021 in order to stimulate the entire Dubai has a strong offering that will welcome the world economy and support the organisation of Expo 2020. back to the UAE.

Dubai Budget (AED Billion) Total Revenue Total Expenditures International tourists arrival in Dubai (in Million) 14.9 15.8 15.9 16.7 5.5 46 46 45 47 50 57 51 57 64 66

2016 2017 2018 2019 2020 2016 2017 2018 2019 2020

Source: Department of Finance Source: Dubai Statistics Center Economic Environment in 2020 Environment Economic Annual Report 2020 Annual Report 2020 Annual 124 125 6 Covid-19 Response Statement Annual Report 2020 Annual Report 2020 Annual 126 127 Every entity in the Group had to deal with the Free Zones challenges of the pandemic. Each of them has 2020 was a year contributed to the fight against Covid-19 and to the Our free zone entities provided tailored support to economic recovery that has been evident in Dubai customers and tenants through relief from fees, rent during the second half of 2020. holidays and rent rebasing in some cases. These of unprecedented actions, underpinned by the Government of Dubai’s When it became apparent that the pandemic would active support, contributed greatly to insulating our have more than a short term impact, Group entities counterparts in Dubai particularly from the immediate challenges. immediately reassessed their operating models and adverse impact of the pandemic. This was in addition budgets. Operations were rapidly adjusted in reaction to the sanitization campaigns and Covid-19 safety to the impact of the pandemic, ensuring that cost protocols being implemented across the entire estate. bases were appropriately revised.

We are grateful for the During the year, a number of Group entities Hospitality & Leisure successfully issued public debt at competitive rates; Our entities operating in the hospitality sector this is a testament to investors’ continued trust and reinforced their commitment to health, hygiene and UAE government and its strong confidence in our key businesses. In addition, safety. They elevated their already rigorous food ICD monitored the needs of its portfolio companies handling, sanitization, disinfection and cleaning leadership’s timely and and where necessary provided the required support. practices to meet local authorities’ recommendations as well as international standards. This allowed our All Group entities met the challenges hotels to offer a safe environment to our guests and, decisive actions during of Covid-19 with professionalism and in some cases, provide accommodation to frontline resilience, as seen through some of workers in need of a safe environment for rest. the year, whether in the sector-specific examples below. In the events organisation and management arena, DWTC implemented safety protocols that have Aviation allowed the safe and effective resumption of events in protecting the health of Dubai. Our portfolio companies in the aviation sector applied UAE residents or safely a number of measures to protect the health and safety of their passengers and crew. This required a redesign Real Estate & Construction of the customer experience and the implementation reopening the economy, of robust biosafety measures across every touchpoint. Our entities in the real estate and construction The Group greatly increased its air cargo connectivity sectors continued to deliver on their projects albeit and network in response to the strong global demand at an adjusted pace, while strictly adhering to local all using clear and for air freight which helped our airlines generate authorities’ rules and regulations. revenue. The network transported essential medicine, personal protective equipment, commodities, fresh measured guidelines. food and other cargo. Retail The retail sector prioritised the maintenance and functioning of supply chains to answer customers’ Banking migration to online retail thereby supporting the Our banking operations were active participants in community’s needs through this challenging period. the Targeted Economic Support Scheme (TESS) the Central Bank of the UAE’s economic stimulus package We are proud of our organisation’s which proved instrumental in helping banks and robust response to the pandemic customers through the challenging times. Our banking operations supported customers and the economy that might have tested our portfolio by providing financial assistance as well as actively entities but instead have proven contributing to community initiatives. their resilience and adaptability. Statement Response Covid-19 Prioritising the safety and wellbeing Energy & Industrial of our staff and customers enabled us to contribute effectively to the On the energy and industrial fronts, ENOC and EGA in particular were able to carry on their operations year- fight against Covid-19 and the start round and ensure the continued supply of products of the economic recovery we are needed both in Dubai and globally. On-site operations now witnessing. were maintained, and rigid safety protocols supported

Annual Report 2020 Annual by enhanced in-house medical teams were introduced. Report 2020 Annual 129 128 7 Environment, Social and Governance Framework Annual Report 2020 Annual Report 2020 Annual 130 131 132 Annual Report 2020 actions. actions. between our visionandour is critical to ensuring alignment Governance (“ESG”) framework Environmental, Social and The adoption ofaneffective of stakeholder issues. considering a broad range responsible ownership better businesses through the development of is rooted inpromoting sustainability, our impact value, with afocus on wealth andlong-term a missionto create As a corporation with

ICD Brookfield Place well-being activities. encourages to engage staff inphysical andmental see section 8onCorporate Social Responsibility) and anumber ofCSRinitiatives (please ICD also supports employees. 2020 we of64%:36%maleto female aratio had with over 31 December andasat 20nationalities, ICD hasamulti-cultural, diverse working environment LEED Platinum projects inthe world. this rating - place amongthe top its 20largest taking building inthe Europe & MiddleEast region to achieve becoming largesttallest and the certification, office (Leadership inEnergy andEnvironmental Design) and was awarded the prestigious LEEDPlatinum Dubai in2020includes 140,000 ofgreen sqft space and Brookfield Property Partners) that openedin building (developed by ajoint venture between ICD ICD Brookfield Place, a53-storey premium office illustration of our focus onenvironmental matters, the use ofvideoconferencing facilities. Asarecent water recycling, conservation, reducing waste and initiatives including the use ofenergy-efficient lighting, of environmental offices, a variety atits ICD supports, section 2onICD’s Governance). via our boards internal andcommittees arobustmaintains corporate governance framework contributes to long-term value creation. ICDitself transparency, protects asashareholder our rights and good corporate governance aswe believe itpromotes Across the ICDportfolio, we seek to advocate for enhanced long-term returns. morein our portfolio robust andcontributes to development, aswe believe itmakes the companies committed to economically andsocially sustainable to have ontheir animpact long-term success. We are investments by focusing onESGissues that are likely We seek to improve ofour the performance like-minded partners. investment decisionsandassociate ourselves with processes, we believe that we can make better By ESG into considerations incorporating our (please see

133 Annual Report 2020 Environment, Social and Governance Framework 8 Corporate Social Responsibility (“CSR”) Annual Report 2020 Annual Report 2020 Annual 134 135 Emirates Airline

Festival of The Emirates Airline Festival of Literature is one of the world’s leading international literary festivals and the Arab World’s largest celebration of the written Literature and spoken word. The festival is an annual event held in Dubai that Official Sponsor 2020 brings people of all ages and backgrounds together with authors from across the world to promote education, cultural dialogue and above all, the love of reading and writing. The festival has won many awards, including three times winner of the Best Festival in the Middle East, in recognition of its impact on fostering a reading culture in the UAE as well as its extensive education outreach programme.

ICD is proud to be an official sponsor of the Emirates Airline Festival of Literature, an event that perfectly captures ICD’s key CSR activities in the areas of education and innovation.

2020 Master of Laws in In line with its commitment to education and the enhancement of human capital in the Emirate of Dubai, ICD is a key scholarship sponsor of the 2020

International Innovation and Education — Master of Laws (“LLM”) in International Business Law offered in Dubai by the University of Paris II Pantheon- Business Law Assas (the leading law school in France) at the ‘Academy’ of the Dubai International Financial Centre Scholarship (“DIFC”). The LLM International Business Law is a world-class program for UAE nationals, aspiring young leaders, talented administrators, managerial groundbreakers Corporate Social Responsibility Responsibility Social Corporate and professionals to develop their corporate and business skills; preparing students and professionals for cross-border mergers, complex financings, restructurings, leveraged buyouts (“LBOs”), financial engineering, and industrial projects.

ICD scholars are supported on the LLM with outstanding faculty and facilities, benefiting from exemplary guidance designed to nurture their talents,

Annual Report 2020 Annual and allowing them to achieve their potential in leading Report 2020 Annual

136 the next generation. 137 ICD cares This report is printed on recycled paper using food grade ink in keeping with sustainability requirements

Disclaimer: The content of this annual report is provided by ICD for information purposes only and, therefore, should not be construed as investment advice or a recommendation to buy or sell any investment instrument. No representation, warranty or undertaking, express or implied, is given as to the accuracy or completeness of the information contained in this annual report by ICD. ICD shall not be liable for any loss or damage incurred or suffered and claimed to result from the use of or reliance upon any information contained in this annual report including, without limitation, any direct, indirect, incidental, special or consequential damage. Statements or terms in this annual report used to describe ICD’s relationship with third parties do not, and should not be construed to acknowledge or establish any legal relationship between ICD and such third party, acknowledge or establish any fiduciary duty on the part of ICD to such third party or otherwise, or acknowledge or establish any responsibility for or liability in respect of the actions of such third parties. The copyright to this annual report is held by ICD. Unauthorized reproduction or conversion is strictly prohibited. Copyright © Investment Corporation of Dubai, 2020. www.icd.gov.ae