Page 80 - Aamir Rehman Gulf Capital and Islamic Finance The Rise of the New Global Players
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64                                       PART I  Background and Context

           T ABLE     2.5

           UAE-Based Government Investment Vehicles Reflect Areas of
           Strategic Focus for the National Economy 1


           Government
           Investment
           Vehicle (GIV)      Emirate   Year Established  Strategic Focus

           International Petroleum  Abu Dhabi  1984    Energy—oil and gas
           Investment Company
           (IPIC)
           Mubadala           Abu Dhabi     2002       Industrials and energy
           Development
           Company
           Istithmar World    Dubai         2002       Real estate and retail
           Dubai International  Dubai       2004       Diversified private and
           Capital (DIC)                               public equity
           RAK Investment     Ras al        2005       Natural resources—
           Corporation        Khaimah                  energy and minerals
           Dubai International  Dubai       2006       Financial services
           Financial Centre
           (DIFC) Investments
           Investment Corporation  Dubai    2006       Real estate and financial
           of Dubai                                    services


        1
         William Miracky et al., “Assessing the Risks: The Behaviours of Sovereign Wealth Funds in the Global
        Economy,” Monitor Group, June 2008; Zawya, “Wealth Funds in the UAE Lead Way with Transparency,”
        March 3, 2009; miscellaneous details verified from individual GIV Web sites.

        Abu Dhabi economy, its vehicle International Petroleum Investment
        Company (IPIC) focuses on this strategic sector. To support  Abu
        Dhabi’s diversification, however, investment in a wider rage of
        industries is required—hence, the creation of Mubadala in 2002.
        Dubai’s economy has been built through logistics (i.e., ports) and
        transportation, financial services, hospitality, real estate, retail, and
        other key sectors. Dubai’s GIVs have accordingly been focused on
        real estate, retail, and financial services, while the government has
        channeled resources to transportation and hospitality through
        heavy investment in infrastructure. Ras  Al Khaimah, a smaller
        emirate that has begun pursuing a diversification strategy through
        its RAK Free Zone, has also established an investment vehicle for
        key sectors.
             Specialist GIVs are linked to Gulf states’ broader institutional
        framework for allocating surplus wealth, as discussed earlier.
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