22 Investment in equity accounted investee

The Group has the following investment in associates

 

	Country of incorporation		Percentage of holding				Principal activity
			2021		2020
Mainland Management L.L.C.	U.A.E		33.33%		33.33%		Hospitality management services
Empay LLC	U.A.E		30%		30%		Digital Payment Ecosystem & services

 

Movement in investment in an associate is as follows:

 

		2021		2020
		AED’000		AED’000
At 1 January		89,788		90,095
Share of results for the year		(2,907)		(307)
		————————-		————————-
At 31 December		86,881		89,788
		=============		=============

 

Summarized financial information of the associate is set out below:

 

		2021		2020
		AED’000		AED’000
Associate’s statement of financial position
Assets		222,163		222,542
Liabilities		(35,311)		(32,959)
		————————-		————————-
Net assets		186,852		189,583
		=============		=============
Group’s share of net assets		86,881		89,844
		————————-		————————-
Carrying amount of investment in an associate		86,881		89,788
		=============		=============
Income statement
Revenue		1,089		885
Loss for the year		(9,563)		(921)
		============		=============
Group’s share of results for the year		(2,907)		(307)
		————————-		————————-