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Wed 31 Dec 2008 12:14 AM

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Dubai moves ownership of Emirates, Dnata to ICD

Move to different state-owned body may signal part-privatisation or stake sale.

The government of Dubai has transferred ownership of Emirates airline and air travel services firm Dnata, to state-owned Investment Corporation of Dubai (ICD), Emirates said on Tuesday.

"We can confirm that ownership of Emirates Group Decree Companies which include Emirates and Dnata have been transferred to the Investment Corporation of Dubai under official decrees," a spokesman for the airline told newswire Reuters, without stating a reason for the move.

It was not immediately clear if the decision might be linked to a move towards privatising the largest Arab airline or selling a stake in it.

"The transfer does not affect out management structure nor any of our contracts with employees, suppliers or other third parties. It is business as usual," the spokesman said.

"Emirates Group Decree Companies continue to be wholly owned by the government although now indirectly through the Investment Corporation of Dubai." (Reuters)

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