DUBAI (Reuters) – Investment Corp. of Dubai, the Dubai government’s main investment arm, on Tuesday reported a loss for last year as the coronavirus pandemic impacted its portfolio companies.
The firm reported a loss of 15.50 billion dirhams ($4.22 billion) for 2020 after a profit of 25 billion dirhams a year earlier, according to a regulatory filing.
ICD said the pandemic crisis significantly affected its operations and said its losses came from transportation and hospitality. It said it recorded some profits from banking and financial services.
“Despite the severe effect of the pandemic on the Group’s revenue and profitability, ICD was able to secure a solid balance-Sheet, sustainable operations and financial stability in 2020 owing to proactive steps taken by the Group,” Mohammed Ibrahim Al Shaibani, Managing Director, at ICD said in the statement.
ICD owns Emirates airline, which last week reported an annnual loss of 20.3 billion dirhams. Its also owns holdings in companies including Dubai lender Emirates NBD and property firms Emaar Properties and Emirates National Oil Company.
($1 = 3.6728 UAE dirham)
(Reporting by Hadeel Al Sayegh, editing by Louise Heavens)
