Today, Thursday, data for the Government Investment Corporation of Dubai (the investment arm of the Dubai government) showed losses during the first half of 2020 amounting to 9.4 billion dirhams (2.6 billion dollars) amid falling revenues with the repercussions of the Corona virus (Covid-19).
The Dubai Foundation recorded a profit of 10.5 billion dirhams ($ 2.85 billion) during the first half of 2019.
According to the data, the corporation’s revenues fell during the first half by 31% year-on-year, to reach 73.7 billion dirhams ($ 20 billion).
The data indicated a significant decline in the revenues of the transport, oil and gas sectors.
The corporation stated that the net losses were mostly due to the transportation sector, and to a lesser extent to the hospitality activities in other sectors.
The measures taken by governments around the world to combat the outbreak of the Coronavirus have, in varying degrees, affected travel, tourism, retail, and real estate activities.
The assets of the State Investment Corporation of Dubai decreased by 1% during the first half year on year to 1,107.7 billion dirhams ($ 301.6 billion).
The corporation’s debts amounted to 869.5 billion dirhams ($ 236.75 billion) during the first half, maintaining similar levels in 2019.
The group's share of shareholders' equity also decreased by 6.4%, to 191.5 billion dirhams ($ 52.1 billion) during the first half.
For his part, Mohamed Ibrahim Al-Shaibani, Managing Director, said that the "Covid-19" health crisis has greatly affected the main business of the corporation.