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23-06-21
Dubai’s state-owned sovereign wealth fund marks drop of USD5.1B in 2020
(MENAFN)A net loss of USD5.1 billion was proclaimed by Dubai’s state-owned sovereign wealth fund over 2020, underlining the toll that the Coronavirus pandemic affected on the company’s vast assets and the uncertainty around the emirate’s post-pandemic recovery.
Revenue of USD37 billion in 2020 were announced by the Investment Corporation of Dubai, the huge holding company behind many of the emirate’s industrial powerhouses, a decline of more than 40 percent in comparison to the previous year.
It highlights the first loss in years for the investment arm of Dubai government that has a range of assets, including the Middle East’s largest airline, Emirates, the lucrative Dubai Duty Free and master-developer Emaar Properties that constructed the Burj Khalifa, the world’s tallest tower. The firm turned a profit of USD4.9 billion in 2019.
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