DIFC’s contribution to Dubai’s GDP rises to 3.6%

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The Dubai International Financial Centre’s (DIFC) contribution to Dubai’s GDP rose to 3.6 per cent in 2010. The financial and business hub, that connects the regions emerging markets with the developed markets of Europe, Asia and the Americas, continued to attract new investment and support economic growth and saw almost 72 per cent of its GDP coming from the financial services sector.

According to the fourth annual Economic Activity Survey Report on the growth, sectoral contribution and level of economic performance of the DIFC sub-economy during 2010 and its contribution to Dubais GDP, the total GDP of the Centres sub-economy was USD 2.92 billion, up 5.2 per cent from USD 2.77 billion in 2009. This put DIFCs contribution to the whole Dubai GDP (USD 81.96 billion) at approximately 3.6 per cent and its contribution to the UAE economy at 0.97 per cent.

Abdulla Mohammed Al Awar, CEO of DIFC Authority, said: The report highlights the significant role DIFC plays within Dubai and the UAE which we are very proud of. However, DIFC is not just a cornerstone of the Dubai and UAE economies, but it is also conduit for attracting investment and supporting the growth of economies across the entire region. With the growing role and confidence in Dubai as a safe haven, the Emirate has confirmed its position as the financial, logistic, tourism and business hub of the Middle East, with DIFC as the central component of the banking & financial sector.

The breakdown of DIFCs GDP by sector shows that the financial activities accounted for 72.0 per cent of the total, while business services accounted for 26.5 per cent, with the rest attributed to public administration. This sectorial share was similar to what DIFC saw in 2009.

This years data also included the results of a detailed labour force survey, to track not only employment growth in DIFC but also the quality, distribution and average pay for the diverse workforce. In 2010, DIFC had about 11,331 full time employees, of which men represented 65.5 per cent (7,427), with an international, diverse and highly skilled workforce of whom 86 per cent where university graduates and post-graduates. The percentage of UAE nationals working in the DIFC was 2.2 per cent.

Dr. Nasser Saidi, Chief Economist and Head of External Relations, DIFC Authority, said: The year 2010, coming out of the Great Recession of 2009, was a better-performing year globally and regionally, which was reflected in the performance of the DIFC sub-economy. With more companies joining DIFC, particularly from the emerging economies which made up around 45 per cent of our client base in 2010, it is no surprise that DIFCs GDP reached USD 2.92 billion in 2010.

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