Dubai incurs $4.2bn in losses in 2020

The Investment Corporation of Dubai, the principal investment arm of the government of Dubai, incurred 15.5 billion dirhams ($4.2 billion) in losses in 2020, new data revealed yesterday.

Statistics published by the corporation showed that revenues fell 40.3 per cent in 2020 on an annual basis to 136.1 billion dirhams ($37.1 billion).

The data showed a significant decline in revenues in the transportation and oil and gas sectors, offset by steady returns in banking and financial services.

The corporations said the restrictions imposed by the coronavirus pandemic affected travel, tourism, retail and real estate activities differently which led to a significant decline in oil prices and demand for it.

Established in May 2006, the Investment Corporation of Dubai is charged with consolidating and managing the government of Dubai’s investments and business portfolio.

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