21 Investment in equity accounted investee

The Group has the following investment in associates

	Country of incorporation		Percentage of holding				Principal activity
			2024		2023
Mainland Management L.L.C.	UAE		33.33%		33.33%		Hospitality management services
Empay LLC	UAE		30.00%		30%		Digital Payment Ecosystem & services

Movement in investment in an associates is as follows:

		2024		2023
		AED’000		AED’000
At 1 January		82,214		82,613
Share of results for the year		1,301		(399)
At 31 December		83,515		82,214

Summarized financial information of the associate is set out below:

		2024		2023
		AED’000		AED’000
Associate’s statement of financial position
Assets		222,172		222,165
Liabilities		(65,147)		(68,507)
Net assets		157,025		153,658
Group’s share of net assets		49,065		47,764
Carrying amount of investment in an associate		49,065		47,764
Loss for the year		3,903		(1,197)
Group’s share of results for the year		1,301		(399)

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.