Dubai state holding firm ICD posts loss of 15.5 billion dirhams
- Date: 23-Jun-2021
- Source: Salaam Gateway
- Sector:Financial Markets
- Country:UAE
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).
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