Dubai State Holding Firm Posts $3.1 Billion Loss as Virus Weighs

(Bloomberg) --

Investment Corp. 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 11.4 billion dirhams ($3.1 billion) after a profit of 6.86 billion dirhams a year earlier, according to a statement.

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.

First-Half Highlights:

• Revenue: 73.7 billion dirhams vs 106.3 billion
• Net impairment losses on financial assets: 4.55 billion dirhams vs 1.39 billion
• Link to statement

©2020 Bloomberg L.P.