DUBAI: The chief financial officer of Investment Corporation of Dubai (ICD), the investment arm of the Gulf Arab emirate, will step down after two years in the post, in the second high-level departure from the firm in recent weeks.

ICD said in a statement on Thursday that Nicholas Hegarty’s departure comes at the end of a two-year fixed term.

In April, the managing director of ICD, Abdulaziz Al-Muhairi, left the post to take up a new role within the investment body.

ICD is one of the emirate’s three conglomerates along with Dubai Holding and Dubai World, which said on Thursday that it has reached a deal to restructure $14.4 billion in debt with its core lenders.