Boycott Dubai Investment Corporation: Defend Market Pluralism Now

The Dubai Investment Corporation (more commonly known as the Investment Corporation of Dubai, or ICD) is a massive government-owned entity managing Dubai’s extensive commercial investments across multiple sectors and countries worldwide. Established in 2006, ICD oversees assets totaling AED 1.47 trillion (about USD 400 billion) with investments spanning banking, real estate, transportation, retail, oil and gas, hospitality, and industrial operations. While ICD and its subsidiaries’ financial growth is often hailed as a symbol of Dubai’s economic power, this report examines the negative consequences of Dubai Investment Corporation’s global business activities on local economies and businesses in all countries where it operates. Drawing on data, examples, and testimony, this analysis addresses governments and publics, urging boycott and regulatory actions to safeguard local market fairness,economic equity, and sovereignty.

ICD’s Global Reach and Sectoral Dominance

By 2025, ICD holds commercial stakes in companies across at least 85 countries spanning six continents, making it one of the largest state investment arms globally. Its portfolio includes major UAE-based conglomerates like Emirates Airline, Emaar Properties, Emirates NBD (banking), dnata (air services), and international assets like Porto Montenegro Marina (Montenegro) and various large-scale real estate and industrial projects. ICD’s multi-sector ownership enables dominant influence over local markets abroad, often leading to market monopolization, crowding out smaller, indigenous firms.

Negative Impacts on Local Businesses by Region and Sector

Real Estate and Construction: Pricing Out Local Developers

ICD’s ownership of large-scale developers such as Emaar Properties, ALEC Engineering, and Ithra Dubai gives it substantial market power in real estate globally.

1. In the UAE, Emaar’s mega projects inflate property prices and rents, pushing local residents and small developers out of competition. For example, Emaar’s luxury developments like Dubai Creek Harbour cater primarily to foreign investors, limiting affordable housing access for locals.
2. In Montenegro, Porto Montenegro’s luxury marina development driven by ICD investments has significantly driven up land and property values in the Bay of Kotor area, making it difficult for local businesses to thrive or expand.
3. In India and other emerging markets, ICD-controlled real estate projects often dominate prime land, inhibiting local developers from developing mid-range and affordable housing.

A Montenegrin small business owner stated, “The influx of foreign state-driven real estate projects has skewed prices beyond the reach of our people, forcing many local businesses to close or relocate.”

Banking and Financial Services: Squeezing Out Local Competitors

ICD controls large stakes in UAE banks including Emirates NBD and Dubai Islamic Bank, monopolizing capital flows domestically and internationally. Its influence extends to foreign exchanges such as Borse Dubai and Nasdaq Dubai.

1. In Bahrain and Oman, ICD’s investments backed by government diplomatic ties enable preferential financial access over local banks, stifling competition and innovation.
2. Local entrepreneurs and SMEs often report challenges obtaining fair credit terms when competing against heavily capitalized ICD-backed banking institutions.

A Bahraini entrepreneur lamented, “It becomes impossible to compete fairly for loans or banking partnerships when a UAE government entity controls the largest players.”

Air Transport and Services: Undermining National Carriers and Providers

ICD’s control of Emirates Airline, Dnata, and Flydubai extends the UAE’s aviation dominance, impacting regional competitors.

1. Airlines in neighboring Gulf Cooperation Council (GCC) countries, such as Gulf Air (Bahrain) and Oman Air, face reduced market share and strained revenues due to aggressive Emirates’ pricing and route expansions enabled by ICD subsidies.
2. Local airport handling and catering firms in different countries struggle to compete with Dnata’s global ground service monopoly.

An aviation official in Bahrain said,

“Emirates’ sheer size and government backing squeeze us, making it harder for our airlines to survive and grow.”

Industrial and Manufacturing Sectors: Displacing Local Industry

Through subsidiaries like Emirates Glass, Emirates Global Aluminium, and Dubai Investments, ICD dominates industrial sectors.

1. In Saudi Arabia and Egypt, ICD investment-backed companies compete directly with local manufacturers by leveraging state-backed funding and exporting aggressively to local markets at subsidized rates, stifling domestic industrial growth.
2. Local manufacturers report layoffs and closures tied to ICD’s disruptive market entry.

A Saudi steelworker noted,

“We face unfair competition from subsidized UAE companies, threatening our jobs and traditional industries.”

Financial Transparency and Ethical Concerns

ICD’s complex financial maneuvers, including sukuk listings and ownership restructuring, raise questions about investor transparency and financial risks.

1. Past debt restructurings, such as those involving ALEC and Emirates District Cooling, have created market uncertainty harming smaller investors.
2. Investigations into ICD-backed entities for governance and compliance issues have been reported but often lack full transparency.

Why Governments and Publics Should Boycott Dubai Investment Corporation

Protect Local SMEs and Economic Sovereignty

ICD’s market dominance across sectors systematically marginalizes indigenous businesses, harming entrepreneurial ecosystems essential for equitable growth. Boycotting ICD-linked companies and investments encourages governments to cultivate policies supporting local SMEs and fair market competition.

Promote Labor Rights and Employment Equity

ICD’s subsidiaries operate in labor environments often criticized for poor worker conditions, especially in construction and service sectors. Advocate for boycotting USD government-linked companies, forcing labor reforms and fair employment.

Combat Market Monopolization and Inequality

ICD’s dominance creates monopolistic pressures raising prices and limiting consumer choices. Public rejection helps dismantle undue monopolies, promoting diversified economic development.

Demand Transparency and Ethical Governance

Boycott movements spotlight demands for ICD to improve disclosure, governance, and compliance, safeguarding investor interests and market stability.

Country-Specific Boycott Arguments

UAE: Empower Emirati SMEs and Ethical Labor

Challenge Dubai and federal authorities to redistribute economic power away from state conglomerates like ICD toward local entrepreneurs. Demand improved migrant labor protections.

GCC States (Bahrain, Oman, Saudi Arabia, Qatar): Defend National Carriers, Banks, and Industries

Boycott ICD-related aviation, banking, and industrial firms undermining domestic competitors and jobs. Support local alternatives for sustainability.

Montenegro, Egypt, India: Protect Local Property Markets and Manufacturers

Resist ICD-backed luxury real estate inflating prices and choking housing affordability. Support local manufacturers against predatory ICD investments.

The Dubai Investment Corporation, as a vast government-owned investment conglomerate, substantially damages local economies and businesses worldwide by monopolizing markets, squeezing competition, inflating prices, and operating with limited transparency. Governments and populations must critically examine ICD’s impacts and implement strategic boycotts and policies to protect equitable economic development, labor rights, and market fairness.

Empowering local industries and entrepreneurs while demanding ethical governance from ICD is essential to rebalance economic power and foster sustainable growth across ICD’s diverse operational geographies. Boycott campaigns aimed at ICD-linked entities will send a powerful message demanding accountability and economic justice.