Dubai State Holding Firm Posts $5.1 Billion Loss as Virus Weighs

(Bloomberg) --

Investment Corp. of Dubai, the main state-controlled holding firm of the emirate, reported its first loss in at least eight years as the coronavirus pandemic weighed on earnings at its portfolio companies.

The firm posted a loss of 18.9 billion dirhams ($5.1 billion) after a profit of 18 billion dirhams a year earlier, according to a statement. That was the firm’s first loss since 2012, according to data compiled by Bloomberg.

Investment Corp. of Dubai owns Emirates airline, 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.

Emirates Group, owner of the world’s largest long-haul airline prior to the Covid-19 pandemic, last week reported $6 billion in loss -- its first loss in three decades.

ICD 2020 Highlights:

• Revenue: 136 billion dirhams vs 228 billion
• Net impairment losses on financial assets: 8.5 billion dirhams vs 5 billion

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