Investment Corporation of Dubai, the main state-controlled holding firm of the emirate, reported a loss in the first half as the coronavirus pandemic weighed on earnings at its portfolio companies.
The firm posted a loss of AED11.4 billion ($3.1 billion) after a profit of AED6.86 billion a year earlier, according to a statement.
Investment Corporation of Dubai owns Emirates, which has seen bookings slump as demand for travel cratered. It also has holdings in banks, including Emirates NBD and Dubai Islamic Bank, as well as Emaar Properties.
According to a statement, revenue for the view period totalled AED73.7 billion versue AED106.3 billion in the year earlier period while net impairment losses on financial assets was AED4.55 billion compared to AED1.39 billion.
On Tuesday, Investment Corporation of Dubai said it was gaining a larger footprint in the emirate’s property market by asserting control over state-owned developer Meydan’s real estate projects.
Meydan, which built Dubai’s horse racetrack, is now overseen by the same government committee that earlier this year took charge of Nakheel, another builder managed by the wealth fund, according to people familiar with the matter.
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