Investment Corporation of Dubai (ICD), Dubai’s main state-controlled company and primary investment arm, declared its first loss in the last eight years on its portfolio businesses for 2020 amidst the COVID-19 pandemic, according to a Bloomberg article.
According to a statement, the company lost 18.9 billion dirhams ($5.1 billion) after making a profit of 18 billion dirhams a year before. According to Bloomberg’s statistics, this was the company’s first loss since 2012.
The pandemic crisis, according to ICD, had a substantial impact on its business, with losses in transportation and hospitality. It reported having made money via 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, the Managing Director at ICD said in the statement.
Last week, Emirates, owned by ICD, declared a net $5.5 billion financial loss for the past year, with revenue falling by more than %66 as a result of global travel restrictions brought on by the COVID-19 pandemic. ICD also owns banks including Emirates NBD, Dubai Islamic Bank, as well as real estate developer Emaar Properties.