Dubai theme park operator DXBE said first-quarter losses narrowed to about 360 million dirhams ($98 million) from a loss of about 564.6 million dirhams a year earlier.
It comes as the entertainment sector is hit hard by a pandemic which has closed the doors of attractions worldwide.
The company had negative operating cash flows of 49 million dirhams for the first three months of the year and has net current liabilities of 92 million dirhams as at the end of the quarter, Pricewaterhouse Coopers (PwC) said in its review of the company's accounts.
"There is inherent estimation uncertainty in the expected future cash flows which continue to be further impacted by the effect of the COVID-19 pandemic on the operations and he financial performance of the group," PwC said in results posted on the Dubai Financial Market.
The company was originally listed on the exchange in 2014. It owns Dubai Parks and Resorts which it describes as the largest integrated theme park destination in the Middle East.
Dubai theme park operator DXBE reports $98m loss
https://arab.news/bxe4q
Dubai theme park operator DXBE reports $98m loss
- Negative operating cash flows of 49 million dirhams in Q1
- Theme park company originally listed in 2014
Egypt-born Dina Powell McCormick appointed Meta president and vice chairman
- The former Goldman Sachs partner and White House official previously served on Meta’s board of directors
- Powell McCormick, who was born in Cairo and moved to the US as a child, joins the management team and will help guide overall strategy and execution
LONDON: Meta has appointed Egypt-born Dina Powell McCormick as its new president and vice chairman.
The company said on Monday that the former Goldman Sachs partner and White House official, who previously served on Meta’s board of directors, is stepping up into a senior leadership role as the company accelerates its push into artificial intelligence and global infrastructure.
Powell McCormick, who was born in Cairo and moved to the US as a young girl, will join the management team and help guide its overall strategy and execution. She will work closely with Meta’s Compute and infrastructure teams, the company said, overseeing multi-billion-dollar investments in data centers, energy systems and global connectivity, while building new strategic capital partnerships.
“Dina’s experience at the highest levels of global finance, combined with her deep relationships around the world, makes her uniquely suited to help Meta manage this next phase of growth as the company’s president and vice chairman,” Meta founder and CEO Mark Zuckerberg said.
Powell McCormick has more than 25 years of experience in finance, national security and economic development. She spent 16 years as a partner at Goldman Sachs in senior leadership roles, and served two US presidents, including stints as deputy national security adviser to Donald Trump, and a senior State Department official under George W. Bush.
Most recently, she was vice chair and president of global client services at merchant bank BDT & MSD Partners.
