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.
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“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.
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