Dubai state holding firm ICD posts loss of 15.5 billion dirhams

Investment Corp. of Dubai, the investment arm of the government of Dubai, reported a loss of 15.5 billion dirhams ($4.22 billion) for last year as the COVID-19 pandemic hit its portfolio.

ICD said on Tuesday (June 22) revenues were down by 40.3% to 136.1 billion dirhams, with drops in transportation and oil and gas, and flat income for banking and financial services.

The firm owns Emirates airline that last week reported a loss of 20.3 billion dirhams for the year that ended March versus a profit of 1.1 billion dirhams in the previous financial calendar. ICD gave Emirates a capital injection of 11.3 billion dirhams ($3.1 billion).

ICD also owns airport operator dnata that also posted a loss, of 1.8 billion dirhams compared to a profit of 618 million dirhams in 2019.

The investment firm’s banking portfolio includes Emirates NBD and Dubai Islamic Bank, which reported 2020 profits of 7 billion dirhams and 3.16 billion dirhams, respectively.

ICD held 1.11 trillion dirhams in assets last year, down slightly from 1.121 trillion dirhams in 2019.

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