22 Investment in equity accounted investee
Investment in equity accounted investee
The Group has the following investment in associates
| Country of incorporation | Percentage of holding | Principal activity | ||
| 2022 | 2021 | |||
| 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:
| 2022 | 2021 | |
| AED’000 | AED’000 | |
| At 1 January | 86,881 | 89,788 |
| Share of results for the year | (4,268) | (2,907) |
| ————————- | ————————- | |
| At 31 December | 82,613 | 86,881 |
| ============= | ============= |
Summarized financial information of the associate is set out below:
| 2022 | 2021 | |
| AED’000 | AED’000 | |
| Associate’s statement of financial position | ||
| Assets | 222,161 | 222,163 |
| Liabilities | (49,113) | (35,311) |
| ————————- | ————————- | |
| Net assets | 173,048 | 186,852 |
| ============= | ============= | |
| Group’s share of net assets | 82,613 | 86,881 |
| ————————- | ————————- | |
| Carrying amount of investment in an associate | 82,613 | 86,881 |
| ============= | ============= | |
| Income statement | ||
| Revenue | – | 1,089 |
| Loss for the year | (13,804) | (9,563) |
| ============ | ============= | |
| Group’s share of results for the year | (4,268) | (2,906) |
| ————————- | ————————- |
