21 Investment in equity accounted investee

The Group has the following investment in associates

 

	Country of incorporation		Percentage of holding				Principal activity
			2023		2022
Mainland Management L.L.C.	UAE		33.33%		33.33%		Hospitality management services
Empay LLC	UAE		30%		30%		Digital Payment Ecosystem & services

 

Movement in investment in an associates is as follows:

 

		2023		2022
		AED’000		AED’000
At 1 January		82,613		86,881
Share of results for the year		(399)		(4,268)
At 31 December		82,214		82,613

 

Summarized financial information of the associate is set out below:

 

		2023		2022
		AED’000		AED’000
Associate’s statement of financial position
Assets		222,165		222,161
Liabilities		(68,507)		(49,113)
Net assets		153,658		173,048
Group’s share of net assets		82,214		82,613
Carrying amount of investment in an associate		82,214		82,613
Loss for the year		(1,197)		(13,804)
Group’s share of results for the year		(399)		(4,268)

 

The financial information on Empay LLC has not been provided due to non-availability of the financial information as of the date of financial position.