Data from the state-owned Dubai Investments Corporation showed that it made a profit of 10.1 billion dirhams ($2.75 billion) in 2021 after recovering from the effects of the coronavirus pandemic.
The Dubai Corporation (an investment arm of the Dubai government) posted a loss of AED15.5 billion ($4.2 billion) in 2020.
And she clarified in a statement that the profit bias is due to a 24.5 percent annual growth in revenue to AED169.4 billion ($46.12 billion) compared to AED136.11 billion ($37.06 billion) in 2020. year.
Revenue growth was mainly driven by higher prices for key commodities such as oil and gas, as well as faster activity in the transport sector.
Outcomes also improved on strong momentum in other sectors, combined with a gradual easing of global travel restrictions.
The statement notes that the Dubai World Expo 2020 has played a fundamental role in the recovery of the Dubai economy as a whole.
He pointed to strict cost controls and declining reserves in the banking, real estate and hospitality sectors, while aluminum operations did contribute to these positive results.
Net income attributable to shareholders was 5.5 billion dirhams ($1.49 billion), while assets decreased by 1% compared to the end of 2020 to 1.101 trillion dirhams ($299.8 billion), the report said.
The institution’s debt decreased by 1 percent year on year last year to 862.7 billion dirhams ($234.9 billion).
Dubai Government Investments is the main investment arm of the Government of Dubai, established in May 2006 and responsible for consolidating and managing the portfolio of investments and commercial institutions of the Dubai Government.
Source: El Iktisad
