Subsidiary activities
During the period of 2007 - 2024, ICD subsidiaries carried out various other mergers and acquisitions.
In 2007, Emirates National Bank of Dubai (ENBD) was formed through the merger of EBI and NBD,[40] with a market capitalisation of over $11.3 Billion.[41] In the same year, the Government of Dubai consolidated its holdings in the Dubai Financial Market and Dubai International Financial Exchange to Borse Dubai,[42][43] which also acquired interest in the London Stock Exchange and Nasdaq OMX.[44][45][46]
In 2010, dnata acquired Alpha Flight Catering Group, an in-flight caterer in the United Kingdom.[47][48] The following year, dnata purchased Travel Republic Group, an online travel agency based in the UK.[49]
In 2013, ENBD acquired the Egyptian business of French bank BNP Paribas for $500 million,[50] while dnata also obtained a controlling stake in Servair Airchef, an in-flight catering provider in Italy.[51]
In 2014, Emaar Malls shares were listed on the Dubai Financial Market.[52][53]
In 2015, Borse Dubai sold its $2.2bn stake in the London Stock Exchange,[54] while Emirates National Oil Company (ENOC) acquired full ownership of Dragon Oil, an exploration and production company in Turkmenistan.[55] DAE divested its interest in American MRO provider StandardAero to New York-based private equity firm Veritas Capital.[56]
In 2016, dnata acquired Ground Services International, a ground-handling company based in the US.[57]
In 2017, DAE purchased Dublin-based commercial jet aircraft leasing company AWAS.[58] Emaar Development shares were then listed on the Dubai Financial Market.[59]
In 2017, ICD launched the Deira Enrichment Project through its subsidiary Ithra Dubai.[60] The project aims to develop the waterfront of the Deira district and contains hotels, malls, markets as well as other real estate developments.[61][62][63] Ithra Dubai also started constructing the One Za'abeel in 2017, which it finished in 2024.[64][65] In 2024, Kerzner International also opened One&Only and SIRO hotels at the building.[66][67]
In 2018, dnata bought the catering business of Australian flag carrier and airline Qantas Airways.[68] In 2019, ENBD acquired full ownership of DenizBank A.Ş in Turkey.[69] This was followed in 2020 by Emirates taking over American company Air Venture Holdings, which specialised in food and beverage retail sales.
In 2021, the federal government agency Capital Market Authority approved the Emaar Properties and Emaar Malls merger.[70]
In 2022, Dubai Silicon Oasis Authority and Dubai Airport Free Zone Authority merged into the newly established Dubai Integrated Economic Zones Authority,[71] DAE acquired Sky Fund I Irish Ltd[72] and EMAAR Properties acquired the remaining stake in Dubai Creek Harbour LLC.[73][39]
In 2023, hotel operations commenced at Atlantis The Royal, Dubai, dnata acquired a controlling stake in Imagine Cruising,[74] and both Borse Dubai and ALEC became wholly owned subsidiaries of ICD.[75] Emirates also took delivery of its first Airbus A350-900 aircraft[76] and acquired full ownership of Emirates Bustanica, the world's largest indoor vertical farm.[77]
