Dubai’s main state-owned investment firm turned a full-year profit in 2021, recovering from a pandemic-induced $5.15 billion loss.
According to a statement, Investment Corp of Dubai made a profit of AED 5.5 billion ($1.5 billion) after a loss of AED 18.9 billion a year earlier. Revenue climbed nearly 25 percent to AED169 billion.
For the latest headlines, follow our Google News Channel online or through the app.
“Our portfolio companies take advantage of the first steps they took to protect their businesses, optimize their models and increase cost-effectiveness during the pandemic,” Managing Director Mohamed Ibrahim Al-Shaibani said in a statement.
The firm owns Emirates Group, which reported a smaller annual loss and predicted a return to profit this year, tapping into the recovery in travel demand.
Business activity in Dubai saw a boom last year, as well as a boom in tourism, helped by Expo 2020 – one of the biggest individual events since the pandemic began. The United Arab Emirates, of which Dubai is a part, had one of the world’s fastest vaccination rollouts.
“While there was good progress during the first half of the year despite virus-variant disruptions, the second half of the year saw a very strong improvement from the easing of global travel restrictions and the positive impact of hosting Expo 2020 Dubai. Al-Shaibani said.
Investment Corp of Dubai also has stakes in lenders including Emirates NBD and Dubai Islamic Bank, as well as real-estate developer Emaar Properties PJSC – all of which reported high profits last year.
Abu Dhabi Borouz’s $2 Billion IPO Will Be ADX’s Biggest
Israel and UAE have signed a free trade agreement: Ambassador
Abu Dhabi’s first SPAC listing after raising nearly $100 million